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Asian Shares Down Over COVID And Elections Woes

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Asian markets looked set for another weaker open on Wednesday as concerns in regards to a surge in coronavirus cases and hopes which can be dwindling a U.S. stimulus package kept investors gloomy.

Australia’s ASX 200 started down about 0.43%, while Japan’s Nikkei 225 futures were down 0.36%. The Nikkei 225 index shut down 0.04% on Tuesday. The futures agreement was down 0.62% from that close​.

Hong Kong’s Hang Seng index futures had been up 0.4%.

MSCI’s gauge of shares across the globe was down 0.27percent.

“Markets had a tone that is risk-off U.S. customer confidence data disappointed, COVID-19 cases continue to increase, and also the likelihood of a financial deal prior to the U.S. election faded,” ANZ analysts said in an email.

Investors appeared content to avoid risk with looming doubt, headlined by the Nov. 3 U.S. election that is presidential. Former Vice President Joe Biden has enjoyed a frontrunner that is constant President Donald Trump, but the battle is closer in battleground states that could figure out the outcome.

U.S. areas slipped as Trump acknowledged an relief that is economic may likely come after the Nov. 3 election.

In addition, new information showed U.S. customer confidence dipping in October, although instructions of key money items hit a six-year high.

The Dow Jones Industrial Average dropped 222.19 points, or 0.8% and the S&P 500 lost 10.29 points, or 0.30%. The Nasdaq Composite included 72.41 points, or 0.64%.

Microsoft (NASDAQ:MSFT) kicked down a slate of reporting from technology heavyweights by beating Wall Street quotes for quarterly revenue, buoyed by its flagship cloud business that is computing increased work-from-home plans. Apple Inc (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), and Alphabet that is google-parent) are among major technology players reporting later this week.

The U.S. buck fell against greater risk currencies on uncertainty about the economy additionally the election that is presidential. The dollar index, which steps the greenback against a basket of major currencies, weakened 0.1% to 92.93. Asian markets looked set for another weaker open on Wednesday.

Brent crude closed up 75 cents, or 1.9%, as businesses power down some production in the U.S. gulf ahead of an approaching storm. U.S. oil gained $1.01 cents, or 2.6%.

Safe-haven U.S. Treasury yields fell on and the yield bend flattened as markets kept looking for a stimulus deal, Tuesday. The benchmark yield that is 10-year down 2.7 basis points in afternoon trading at 0.776per cent. Gold prices additionally climbed.

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Shiomi Saito

Shiomi Saito is a well known finance expert. She has served over 20 years in the finance Industry across Europe and Asia. In the past, she has held managerial positions in reputable global rating agencies and multinational banks. She has also managed regional teams across Europe and Asia which focused on analytics related to both corporate and financial Institutions. She is experienced in building index products for investment banks and multinational banks, risk management and analytics, key risk drivers including FX, geopolitical credit as well as macro over a wide range of sectors. She is also a finance writer and has written extensively for larger audiences. She is currently focused on the development of financial markets, in Currencies, commodities, alternative asset classes and global equities. She has been an author with MetaNews since Dec, 2013.
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