Asian stocks under pressure as pandemic concerns outweigh stimulus hopes

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Asian stocks came under pressure on Tuesday as investors struggled to balance hopes for more economic stimulus and vaccines with anxiety over a surge in COVID-19 infections.

FILE PHOTO: Men wearing protective face masks chat in front of a screen displaying Nikkei share average and world stock indexes outside a brokerage, amid the coronavirus disease outbreak, in Tokyo, Japan October 5, 2020. REUTERS/Issei Kato

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.25%. Australia’s S&P/ASX 200 inched up 0.23% as gold miners rose on strong bullion prices, though gains were capped by losses in energy stocks triggered by an overnight slump in oil prices. At the same time, California, the nation’s most populous state, announced new restrictions on travel and business activity after record case numbers and hospitalizations. And officials in New York warned similar restrictions could be employed soon, which further weigh on the nation’s recovery.

 

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Even if the $908B bipartisan aid package is passed and enacted, the top line is still not enough to serve as a bridge to a future larger bill.

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