Asian markets are shrinking due to worsening coronavirus outbreaks

BANGKOK – Shares skidded in Asia on Wednesday after Wall Street closed for the second day in a row, down in technology and banking companies.

The worsening outbreaks of coronavirus in Asia have cast a shadow over the prospect of a return to the pandemic. Tokyo’s Nikkei 225 fell more than 2%, and other benchmarks fell as well.

On Tuesday, the S&P 500 fell 0.7%, bringing the index well below the record set on Friday. Shares of small companies, which have beaten the rest of the market in recent months, have fallen more than other sectors.

Asian governments are working to ensure the supply of COVID-19 vaccines after seeing the number of infections increase in recent weeks. The increase in the number of cases is stressing medical systems from Japan to India and leading to the restoration of pandemic precautions, such as travel restrictions, quarantine requirements and reduced nightlife.

Nikkei 225 NIK,
in Tokyo gave up 2.2%, while Hang Seng HSI in Hong Kong,
decreased by 1.8%. In Seoul, Kospi 180721,
lost 1.5%, while S & P / ASX 200 XJO in Sydney,
fell 1.2% despite strong retail sales data. Shanghai SHCOMP Composite Index,
tilted slightly higher. Stocks fell in Singapore STI,
Taiwan Y9999,
and Indonesia JAKIDX,

“Global stocks are still declining after renewed virus problems scared markets overnight,” Stephen Innes of Axi said in a comment.

The worsening outbreaks in India and Thailand have also led to a recovery in travel, which in turn is clouding the outlook for oil and fuel prices, he said.

Wednesday S&P 500 SPX,
closed at 4,134.94. Dow Jones Industrial Average DJIA,
lost 0.8% to 33,821.30. After earning an early gain, Nasdaq COMP
decreased by 0.9% to 13,786.27.

Apple AAPL,
fell 1.3% as part of a broad slide in technology companies. Banks also accounted for a large share of sales, which came with declining bond yields, reversing the course after months of increases.

The 10-year Treasury yield fell to 1.56% from 1.60%.

In other transactions, US crude oil reference CLK21,
lost 51 cents to $ 62.16 a barrel in electronic trading on the New York Mercantile Exchange. It dropped 76 cents on Tuesday to $ 62.67 a barrel. Brent gross BRNM21,
the international standard fell 46 cents to $ 66.11 a barrel.

+ 0.15%
fell to 107.95 Japanese yen from 108.09 yen late Tuesday.