A currency dealer monitors exchange rates in a trading room at the KEB Hana Bank in Seoul on October 12, 2018. Asia’s main stock markets traded lower on October 12, but losses were relatively muted as investors took a breather after a global rout sparked by fears over higher US interest rates. Jung Yeon-je / AFP.Asian markets mostly fell Tuesday as traders took a step back after their latest rally, with a run of upbeat economic data offset by fears over a spike in new virus infections.
There was also some trepidation on trading floors after Donald Trump’s top infectious diseases expert warned the US was still “knee-deep” in its first wave of coronavirus infections.That came as several states reported new daily records for new cases, with some reimposing lockdowns. Sydney and Jakarta were flat, while London, Paris and Frankfurt were all down in the morning as the European Union forecast a massive contraction in the eurozone economy this year.
The composite index has risen more than 10 percent in just over a week, though there are worries about another bubble similar to the one that burst four years ago and sparked a global rout.“China’s army of retail investors seem to be perfectly able to look through the worrying Western media headlines of another global coronavirus record,” said AxiCorp’s Stephen Innes.
On Monday there was more positive data, with an index of the US service sector — which makes up the vast majority of the economy — seeing its biggest-ever jump in June to beat forecasts.
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