Stocks try to shake off second wave virus fears

TOKYO/HONG KONG: U.S. stock futures recouped losses on Monday but Asian stocks wobbled as investors tried to shake off worries that rising coronavirus cases in the United States could scupper a quick economic rebound.

After a brutal sell-off earlier this year, share prices had risen globally over the past three months, helped by massive stimulus around the world and hopes the worst of the pandemic was over. "Whether there will be a lockdown may vary depending on region. It will be a tough decision for politicians. But they probably have no other choice if they are running out of hospital beds," he said.

Global stock market valuations are now at their most expensive levels since 2002 compared with projected earnings in the coming 12 months. China's top legislative body, the National People's Congress Standing Committee, will meet on June 28, and the Global Times reported it would likely enact the Hong Kong security law by July 1.

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EMERGING MARKETS-Asian FX, stocks checked by renewed pandemic fearsREUTERS
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Singapore stocks to see 'sustained rebound' on 'imminent' economic recovery: Morgan StanleySINGAPORE'S equity valuations have bottomed, and a 'sustained rebound' is now underway as the market shifts its focus to an 'imminent V-shaped recovery in the global economy', Morgan Stanley Research said in a report on Monday. Read more at The Business Times.
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Hong Kong: Stocks open down[HONG KONG] Hong Kong shares slipped at the open of business Monday as concerns over a second wave of infections around the world continued to weigh on investor sentiment. Read more at The Business Times.
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