Asian shares and Wall Street futures fell on Monday as growing fears of a second wave of coronavirus infections revived economic worries, while underwhelming data from China also weighed on investor sentiment.
Asian shares and Wall Street futures fell on Monday as growing fears of a second wave of coronavirus infections revived economic worries, while underwhelming data from China also weighed on investor sentiment.
Monday’s losses follow a strong global rally since late March, fuelled by central bank and fiscal stimulus and optimism as countries gradually lifted restrictions put in place to curb the spread of the novel coronavirus.
However, concerns are now swirling about a second wave with Beijing on Monday reporting its second consecutive day of record numbers of COVID-19 cases, while new cases and hospitalisations in record numbers swept through more U. S. states.
The risk-off sentiment is also likely to weigh on global markets, with e-Minis for the S&P 500 extending losses in Asia to be down 2.7% at 0633 GMT, from 1% earlier.
European markets were also set to open lower with pan-region EuroSTOXX 50 futures and German DAX futures each dropping 2.5% and FTSE futures falling 2%.
“Any new outbreak will be looked at very, very cautiously by investors.
