Asia Markets: Asian markets follow Wall Street downhill amid worries about reopening economy
Stocks fall most sharply in Tokyo and Sydney
Asian markets fell in early trading Wednesday, as investors took remained cautious as the world’s economies slowly start reopening from coronavirus-related shutdowns.
dropped 0.8%, while Hong Kong’s Hang Seng Index
rose slightly. The Shanghai Composite
declined 0.2% while the smaller-cap Shenzhen Composite
was about flat. South Korea’s Kospi
gained 0.1%, while benchmark indexes fell in Singapore
but rose in Taiwan
. Australia’s S&P/ASX 200
Stocks on Wall Street sank sharply Tuesday, as the nation’s top public health officials warned of the near-certainty of deadly new coronavirus outbreaks if U.S. businesses open up before it’s safe, while Fed officials warned that the economy was in dire straits if businesses stay shut.
The Dow Jones Industrial Average
fell more than 450 points for its worst one-day percentage loss since May 1. The S&P 500
both lost more than 2%, with the Nasdaq snapping a six-session winning streak.
“Asian stocks are following their U.S. peers lower after warnings against a premature re-opening of the economy and downbeat and unsettling for risk comments from regional Federal Reserve chiefs,” wrote Stephen Innes, chief global markets strategist at AxiCorp, in a note.