Asian markets trade lower; Shanghai Composite index down over 1%

In South Korea, the Kospi index was down 0.55% and the Shanghai Composite was down 1.05% and Hong Kong’s Hang Seng Index fell 1.76%.

Jul 10, 2020 10:07 IST India Infoline News Service

Stocks markets in Asia have take a horrible beating this year and lost as much $6.2trillion.
Asian stock markets slipped in today’s trade amid the growing number of coronavirus cases around the world.

As per media reports, the World Health Organization said that though the virus, which has infected more than 12 million globally, can be brought under control, it’s “getting worse” in most of the world.

Australia’s benchmark ASX 200 erased some of its earlier losses but still traded down 0.13% with the Nikkei 225 in Japan was down 0.68% while the Topix index fell 0.59%. In South Korea, the Kospi index was down 0.55% and the Shanghai Composite was down 1.05% and Hong Kong’s Hang Seng Index fell 1.76%.

In the US, the S&P 500 and Dow dropped on Thursday as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and they began to shift their focus to earnings.

On the other hand, the Nasdaq was higher and hit another record high, however, helped by gains in Amazon.com, Microsoft Corp and Apple Inc.

Meanwhile, gold was set for a fifth straight weekly gain as the COVID-19 pandemic showed no signs of abating, keeping the safe-haven metal above the key USD 1,800 level on Friday.

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