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Asia stocks lower after Wall Street gains on recovery hopes

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Major Asian stock markets declined Wednesday after Wall Street gained on hopes for a global economic recovery and Japan's exports sank.

Wall Street's benchmark S&P 500 index rose for a third day, gaining 1.9% on Tuesday after U.S. retail spending was stronger than expected.

U.S. retail figures showing an 18% gain over the previous month are encouraging but still $50 billion below what might have been expected without the coronavirus, said Rob Carnell of ING in a report. Adding to the mixed picture, Japan's government reported May exports fell 28.3% from a year earlier in their biggest decline since the 2008 global crisis.

 

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