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Asia Stocks Follow Wall Street Down on Renewed Virus Worries

Beijing, Asian stock markets followed Wall Street lower Wednesday after European governments extended anti-coronavirus lockdowns, clouding the outlook for economic recovery.
Overnight, Wall Street gave up most of the previous day’s gains as technology, industrial and bank stocks fell, AP reported .
The World Health Organization said the weekly global death toll from the virus is rising again following six weeks of declines. It said the number of new reported cases rose in four of six global regions.
The Shanghai Composite Index lost 0.6% to 3,392.00 and the Nikkei 225 in Tokyo fell 1.8% to 28,465.86. The Hang Seng in Hong Kong retreated 1.4% to 28,090.38.
The Kospi in South Korea gave up 0.6% to 3,986.00. The S&P-ASX 200 in Australia gained 0.5% to 6,776.80. New Zealand gained while Singapore retreated.
In Europe, Germany extended anti-virus restrictions by three weeks to April 18 and said travelers arriving from abroad by air must be tested for the coronavirus before boarding their flight. The Netherlands extended its lockdown by three weeks.
That followed similar moves earlier by Italy and France.
On Wall Street, the benchmark S&P 500 fell 0.8% on Tuesday to 3,910.52. The Dow Jones Industrial Average fell 0.9% to 32,423.15.
The Nasdaq, dominated by tech stocks, sank 1.1% to 13,227.70.
Bond yields, or the difference between the market price and the payout at maturity, narrowed as prices rose. The yield of the 10-year Treasury note fell to 1.63%, down from last week’s level above 1.70%.
That weighed on banks and other financial companies which look to yields as a benchmark for the interest rates they charge on mortgages and other loans. Bank of America fell 2.0% and Wells Fargo dropped 1.9%. American Express slid 2.8%.
In energy markets, benchmark U.S. crude lost 2 cents to $57.74 per barrel in electronic trading on the New York Mercantile Exchange.
The contract plunged $3.79 on Tuesday to $57.76 after Germany’s lockdown announcement triggered concern demand for industry and travel would decline.
Brent crude, used to price international oils, shed 1 cent to $60.85 per barrel in London. It lost $3.83 the previous session to $60.79.
The dollar declined to 108.52 yen from Tuesday’s 108.75 yen. The euro retreated to $1.1848 from $1.1853.


Source: Saudi Press Agency

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