Asian stocks set to fall sharply as Wall Street tumbles

Asian equities are set to fall sharply on Friday after Wall Street stocks and oil tumbled over growing concerns that a resurgence of coronavirus infections could stunt the pace of reopening economies.

Australian S&P/ASX 200 futures were down 3.04per cent at 20:59 GMT, while Japan's Nikkei 225 index closed down 2.82per cent at 22,472.91​​​​ on Thursday. Hong Kong's Hang Seng index futures were down 2.06per cent. Economic data appeared to back up the Fed's projections, with jobless claims still more than double their peak during the Great Recession and continuing claims at an astoundingly high 20.9 million.

Benchmark Brent crude futures settled 7.62per cent lower at US$38.55 a barrel in U.S. trading hours, before sliding further in Asia on Friday. U.S. crude oil futures settled at US$36.34 a barrel, down US$3.26, or 8.23per cent.

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