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Asian stocks fall on virus worry, China stock rally pauses

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Asian shares and U.S. stock futures fell on Friday as record-breaking new coronavirus cases in several U.S. states stoked concerns that new lockdowns could derail an economic recovery, while investors looked forward to earnings season.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.76%. Australian stocks dropped 0.42%, while Japanese stocks declined by 0.4%.

But investors remained cautious as the report also said a record 32.9 million people were collecting unemployment checks in the third week of June, supporting expectations the labor market would take years to recover from the COVID-19 pandemic. Mainland China shares fell on Friday for the first time since June 29. Shares had surged to the highest since 2015 on Thursday, fueled by retail investor enthusiasm and policy support, even as regulators cracked down on margin financing and as state media warned of market risks.

Fueled by illegal margin lending, the 2015-16 market bubble saw the benchmark Shanghai index fall more than 40% from its peak in just a few weeks.

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