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Stocks falter as virus outbreaks fan global recovery fears

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Stocks falter as virus outbreaks fan global recovery fears



Asian stocks widened their losses on SLOTXO as investor sentiment dampened further amid growing fears the spreading Delta variant of the coronavirus would harm the global economic recovery, sending riskier assets skidding sharply.


Europe and U.S. markets look set to recover however with FTSE futures and E-mini futures for the S&P 500 index up 0.06per cent and 0.22per cent respectively.


MSCI's gauge of Asia Pacific stocks outside Japan widened losses to nearly 1per cent, with Australia's S&P/ASX 200 down 0.44per cent.


Japan's Nikkei 225 hit a six-month low, down nearly 1per cent.


China deleveraging risks hurt property stocks and the broader market for a second day, causing a plunge in shares of heavily indebted developer China Evergrande Group. The Hang Seng Index plunged 1.16per cent while China's benchmark CSI300 Index slid 0.53per cent.


In Beijing, policymakers kept the benchmark lending rate for corporate and household loans unchanged at its July fixing on Tuesday, despite growing expectations for a cut after a surprise lowering of bank reserve requirements.


"The markets are clearly on risk-off mode," said Edison Pun, senior market analyst at Saxo Markets, adding that Wall Street's uptrend is weakening.


"Investors are worried that a fresh outbreak could potentially hinder the pace of economic reopening. The next 1-2 months will be an important litmus test on governments’ strategy in normalizing lives and economic activities amid the threat of the pandemic," said Tai Hui, chief Asia market strategist, J.P. Morgan Asset Management.


In a separate gauge of investor risk appetite, bitcoin fell below US$30,000 for the first time since June 22.

Topic starter Posted : 20/07/2021 7:53 am