Analyst regards drop as a reality check showing that Covid-19 issue remains unresolved
A man walks past an electronic display showing Asian markets indices outside a brokerage in Tokyo. Picture: REUTERS
“Any new outbreak will be looked at very, very cautiously by investors. The market is putting into perspective that the Covid-19 issue has not been resolved yet. It’s a reality check,” said James McGlew, analyst at stockbroker Argonaut.The lead from Wall Street was also dour with e-minis for the S&P 500 sinking 1.1% in early Asian trading.
Worldwide coronavirus cases have crossed 7.86-million with 430,501 deaths, according to a Reuters tally.China’s industrial output rose 4.4% in May from a year ago when analysts had forecast a gain of 5.0% while retail sales fell a larger-than-expected 2.8% in a sign of weak domestic demand.Some analysts are still hopeful of a revival in sentiment.
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