5.9k Share this

SINGAPORE — Shares in Asia-Pacific fell in Friday morning trade as Covid worries resurfaced in the region.

In Japan, the Nikkei 225 led losses among the region’s major markets as it fell 2.01% in morning trade while the Topix index shed 1.85%.

Olympics organizers will ban spectators from the upcoming summer games in Tokyo, after a state of emergency for the city was declared by Japan on Thursday as the country sees rising Covid-19 cases. The state of emergency will last till August 22.

South Korea’s Kospi dropped 1.66%. South Korea announced Friday that the greater Seoul area will be placed under the toughest social distancing rules of Level 4, according to local news agency Yonhap.

Australian stocks also declined as the S&P/ASX 200 shed 1.41%. The city of Sydney earlier this week announced that Covid-19 restrictions would be extended by another week.

Mainland Chinese stocks also slipped in early trade, with the Shanghai composite shedding 0.49% and the Shenzhen component declining 0.991%. Hong Kong’s Hang Seng index sat below the flatline.

China’s consumer price index for June rose 1.1% as compared with a year ago, data from the country’s National Bureau of Statistics showed on Friday. That was lower than expectations for a 1.3% year-on-year increase by analysts in a Reuters poll.

Meanwhile, Chinese producer inflation data came in in line with expectations. The producer price index for June rose 8.8% as compared with a year ago, meeting forecasts by analysts in a Reuters poll for a 8.8% rise. The June PPI reading was a slight decrease in pace from the 9% increase in May.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.87% lower.

Stock picks and investing trends from CNBC Pro:

Overnight on Wall Street, the Dow Jones Industrial Average fell 259.86 points to 34,421.93 while the S&P 500 declined 0.86% to 4,320.82. The Nasdaq Composite slipped 0.72% to 14,559.78.

The losses came on the back of U.S. Labor Department’s latest jobless claims data which was unexpectedly higher, hinting at a potential slowdown in the labor market.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.401 following a recent decline from above 92.7.

The Japanese yen traded at 109.78 per dollar, stronger than levels around 110.6 seen against the greenback yesterday. The Australian dollar changed hands at $0.7409, still below levels above $0.755 seen earlier in the week.

Oil prices were mixed in the morning of Asia trading hours, with international benchmark Brent crude futures slipping 0.15% to $74.01 per barrel. U.S. crude futures were flat at $72.94 per barrel.

Source: DailyMail

5.9k Share this
You May Also Like

Self-Proclaimed Unpopularity ‘Expert’ Bill de Blasio to Run for Congress

Former New York City Mayor Bill de Blasio (D), proclaiming himself  “somewhat of…

Monkeypox is NOT a ‘repeat of Covid’: UK minister insists outbreak is ‘nowhere near as serious’

Simon Clarke, chief secretary to the Treasury, this morning said he is…

Exclusive — Ted Cruz Heads to Alabama to Campaign for Mo Brooks

Senator Ted Cruz (R-TX) will be making his way to Alabama to…

Kurt Zouma: West Ham star charged with three offences after ‘kicking and slapping his pet cat’

West Ham star Kurt Zouma is CHARGED with three offences under the…

Children suffering with food poisoning as parents switch off fridges amid cost-of-living crisis

Children are suffering from food poisoning and are wearing dirty clothes as…

Here’s how to bag a summer holiday on a budget

As inflation rockets to 9 per cent and a recession looms, millions…

Trump-Backed Rep. Budd Leads Dem Challenger in NC Senate Race

Rep. Ted Budd has a narrow lead over the Democrat nominee for…

Kim Jong Un says he helped workers ‘rise like phoenix’ from Covid crisis by sharing medical supplies

North Korean leader Kim Jong Un has claimed he helped workers by…