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Stocks, oil fall as second wave fears cloud recovery prospects

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Asian shares and Wall Street futures fell on Monday as growing fears of a second wave of coronavirus infections revived economic worries, while ...

Asian shares and Wall Street futures fell on Monday as growing fears of a second wave of coronavirus infections revived economic worries, while underwhelming data from China also weighed on investor sentiment.

The risk-off sentiment is also likely to weigh on global markets, with e-Minis for the S&P 500 extending losses in Asia to be down 2.7per cent at 0633 GMT, from 1per cent earlier. MSCI's broadest index of Asia-Pacific shares outside Japan was down 2.3per cent, extending its losses from 0.3per cent earlier in the day, with Australian shares off 2.2per cent and South Korea falling 4.8per cent.

"We assume that any second wave is likely to be more manageable than the first given earlier policy experience," analysts at Morgan Stanley wrote in a note.The risk-sensitive currencies of Australia hit US$0.6779, the lowest level since June 2, after breaking below Friday's low of US$0.6800.Analysts said further tests awaited global markets this week – in particular whether re-opening hopes could still push equities higher.

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