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Asian shares waver with coronavirus, corporate earnings in focus

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Asian stocks dithered on Wednesday as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery while oil prices eased on oversupply fears.

FILE PHOTO: Employees of the Tokyo Stock Exchange work at the bourse in Tokyo Japan, October 11, 2018. REUTERS/Issei Kato

Chinese shares flickered between green and red. Australian shares were down 0.4% as were indexes for New Zealand and South Korea. Japan’s Nikkei was off 0.1% and Hong Kong’s Hang Seng index was slightly firmer.Overnight, U.S. stocks fell, halting a five-day winning streak by the benchmark S&P 500 index, its longest this year and driven by better-than-expected economic data.

California reported more than 10,000 coronavirus cases on Tuesday, a record rise for a single day that also surpassed the number of contact tracers recently trained by the state to detect and prevent potential outbreaks. “The second wave of infection will see Victorian economic activity fall sharply and it will continue to lag the rest of Australia,” said NAB economist Kaixin Owyong.Citi analysts predicted global equities would hang around current levels in twelve months’ time.

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With the pandemic spiraling out of control in the United States the markets will crash.

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