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Formation of the Federalist Assembly of Afghanistan             Israel launches missile attack on outskirts of Damascus, killing Syrian civilians             íUK national scandalí: 20,000 mental health patients íraped, sexually assaultedí in NHS care             Three US troops killed, dozens injured in drone attack in Syria             Trump says NATO will not come to rescue if US attacked             Ukraine beset by $40m fraud in arms procurement amid war with Russia            US approves sale of F-16 jets to Turkey after Ankara ratifies Swedenís NATO membership             UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza             Taliban: Afghanistan Does Not Have Formal Border With Pakistan             Gazaís major health facility collapses amid Israeli attacks: MSF             Americans to redeploy nuclear weapons in UK amid fears of WW3             Biden makes history: 1st sitting US president sued for complicity in genocide             Trump walks out of courtroom during closing arguments of Carrollís attorney            US: 3 dead in shooting at Texas apartment complex            US-UK aggression against Yemen risks expansion of war: Iran            


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Global markets retreat on rising second wave fears


A man wearing a protective face mask, following the coronavirus disease (COVID-19) outbreak, is silhouetted in front of a stock quotation board outside a brokerage in Tokyo, Japan, June 15, 2020. (Reuters photo)

Asian stocks and Wall Street futures fell on Thursday as spiking coronavirus cases in some US states and China crushed hopes of a quick global economic comeback from the pandemic.

S&P 500 mini futures EScv1 fell 1.2% in early Asian trade while MSCIís broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lost as much as 1%.

Japanís Nikkei .N225 lost 1.3% while in mainland China, bluechip CSI300 shares .CSI300 shed 0.1% in early trade.

On Wall Street, the S&P 500 .SPX lost 0.36% on Wednesday but tech-heavy Nasdaq .IXIC added 0.15% due to hopes of increased demand for various online services due to the epidemic.

Several US states including Oklahoma, where President Donald Trump plans a campaign rally on Saturday, reported a surge in new coronavirus infections.

The daily count of infections also hit a new benchmark in California and Texas, while Florida and Arizona also recorded the second-highest daily increases.

Chinaís capital cancelled scores of flights, shut schools and blocked off some neighbourhoods as it ramped up efforts to contain a coronavirus outbreak that has fanned fears of wider contagion.

"It is a big shock to markets that China, which appears to have successfully quashed the disease, is seeing a second wave. And in the US we see record cases in many states," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

"All this suggests that the more you re-start the economy, the more infections you have. People have thought the economy will quickly recover in July-September after dismal April-June. But that is now becoming uncertain."

Investors rushed to the safety of bonds, with the 10-year US Treasuries yield US10YT=RR falling 3 basis points to 0.704%.

In the currency market, the safe-haven yen rose about 0.3% to 106.72 per dollar JPY= while the US dollar also firmed against risk-sensitive currencies.

The euro dipped 0.1% to $1.1235 EUR= while the Australian dollar AUD=D4 lost 0.4% to $0.6852, also hit by worse than expected employment data.

Australiaís unemployment rate jumped to the highest in about two decades in May as nearly a quarter of a million people lost their jobs due to the coronavirus pandemic-driven shutdowns.

Oil prices also dropped with US crude futures CLv1 falling 1.9% to $37.49 per barrel, while international benchmark Brent LCOc1 lost 1.4% to $40.14 a barrel.

(This story refiles to correct day in paragraph 1)


(Source: Reuters)

 

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