SINGAPORE/NEW YORK - Asia’s stock markets slipped, bonds rose and the U.S. dollar was firm on Thursday as surging U.S. coronavirus cases, global trade tensions and an International Monetary Fund downgrade to economic projections knocked confidence in a recovery.
The governors of New York, New Jersey and Connecticut ordered travellers from nine other states to quarantine on arrival, a worry for investors who had mostly been expecting an end to pandemic restrictions. The International Monetary Fund said it now expects a deeper global recession, with output to shrink 4.9% this year, much sharper than the 3.0% contraction predicted in April.
Oil prices, a proxy for global energy consumption and economic growth, nursed losses following a 5% tumble overnight as U.S. crude storage hit another record and demand worries resurfaced.Yields on benchmark 10-year U.S. Treasuries fell to a one-week low of 0.6724%.Worries were even more pronounced on Wall Street overnight, and pulled major indexes back to flat for the month. [.N]
Anxiety in markets is likely to remain heightened ahead of U.S. jobless claims data due at 1230 GMT, along with virus case figures, and confidence could be dented by disappointment on either count.
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