Investors worry about a second wave of infections as countries ease pandemic restrictions
Sydney — Asian shares skidded on Tuesday on growing worries about a second wave of coronavirus infections after the Chinese city where the pandemic originated reported its first new cases since its lockdown was lifted.
Hong Kong’s Hang Seng index was among the hardest hit, down 1.4% followed closely by Australia, off 1.3%. Chinese shares dithered in early trade with the blue-chip CSI300 index off a shade. South Korea’s KOSPI faltered 0.9%. The worrisome news follows a fresh outbreak in night clubs in South Korea and record number of new cases in a day in Russia.
Fund managers expect equity markets to stay the course through June and avoid retesting March lows given the huge monetary stimulus provided by the US Federal Reserve and other major central banks. Overnight, the S&P 500 barely closed higher but the Nasdaq posted its sixth consecutive advance as technology and health-care shares provided the biggest lift to all three major US stock indexes.On Wall Street, the Dow Jones Industrial Average fell 0.45%, the S&P 500 gained 0.01% and the Nasdaq Composite added 0.78%.As risk sentiment was knocked, the Australian dollar became the top loser, dropping about 0.8% to a one-week low, while its Kiwi cousin extended falls.
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