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Asian indices fall as coronavirus cases surge; Wall Street declines

Stock benchmarks fell in Hong Kong, Sydney and Seoul. Tokyo was flat. Shanghai recovered from early losses to edge higher

Asian stocks | Wall Street | US economy

Press Trust Of India 

loss, economy, shares, stocks, market, investment, savings, gdp, growth, revenue
Stocks of companies worst hit by the pandemic logged some of the biggest losses

Shares skidded in Asia on Tuesday after surging cases and waning hopes for US economic stimulus gave its worst day in a month.

Stock benchmarks fell in Hong Kong, Sydney and Seoul. Tokyo was flat. recovered from early losses to edge higher.

Overnight, the S&P 500 fell 1.9 per cent, deepening its losses from last week. Stocks of companies worst hit by the pandemic logged some of the biggest losses. Cruise lines, airlines and energy stocks tumbled in tandem with crude oil prices.

In another sign of caution, Treasury yields pulled back after touching their highest level since June last week and were steady at 0.80 per cent on Tuesday. The gloom carried into trading in Asia, where Japan's Nikkei 225 was almost unchanged at 23,485.80. The Hang Seng in slipped 0.4 per cent to 24,719.38. South Korea's Kospi lost 0.6 per cent to 2,330.01, while the S&P/ASX 200 slumped 1.7 per cent to 6,051.00. The Composite index recovered from early losses, edging 0.2 per cent higher to 3,258.12.

South Korea reported better than expected 1.9 per cent QoQ economic growth in the last quarter, following a 3.2 per cent quarterly decline in April-June.

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First Published: Tue, October 27 2020. 23:45 IST