Asian shares mixed as virus fears temper market optimism

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Asian shares were mixed Tuesday as optimism about a gradual economic recovery from the coronavirus pandemic were tempered by worries over the variants spreading rapidly in some nations.

Japan's benchmark Nikkei 225 added 0.2% to finish at 27,888.15. Australia's S&P/ASX 200 rose 0.3% to 7,562.60. South Korea's Kospi declined 0.7% to 3,239.07. Hong Kong's Hang Seng recouped early losses to add 0.9% to 26,523.74, while the Shanghai Composite edged up 0.3% to 3,506.41.

Energy companies slumped the most among S&P 500 stocks as the price of benchmark U.S. crude oil fell 2.6% to its lowest levels since May. The move lower follows a decline of 7.7% last week. Occidental Petroleum shed 3%. The S&P 500 fell 4.17 points to 4,432.35. The Dow dropped 106.66 points, or 0.3%, to 35,101.85. The Nasdaq added 24.42 points, or 0.2%, to 14,860.18.

Analysts expect the U.S. and global economies to continue growing, but have cautioned that the resurgent virus could slow down the pace.

 

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