TOKYO — Asian shares opened lower Friday as rising cases of coronavirus infections in the U.S., Europe and Asia add to worries that economies will once again be hamstrung by pandemic restrictions on travel and businesses.
Reports of surging COVID-19 cases have had a sobering effect on markets that had advanced on hopes for a vaccine and expectations that pro-business policies will continue after last week’s U.S. elections.
“It feels a bit deflated today as investors look to hunker down for what is bound to be a winter of discontent. But beyond the market concerns, the vaccine cannot get here quick enough as what should be a festive time of the year looks bound to be weeks of holiday gloom,” Stephen Innes of Axi said in a report. Read more…..
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Asian financial markets have been thrown into turmoil, with oil prices falling to their lowest in four years. Investors are also opting for safety due to continuing fears that the COVID-19 outbreak will send the global economy into recession. Howie Lee, an economist at OCBC Bank, shared his insights on the situation.