Asian stocks rise as traders eye Wall Street losses

Hong Kong

Asian markets broadly rose on Wednesday as wary investors tracked losses on Wall Street and elsewhere as a surge of the coronavirus Delta variant stoked fears the global economic recovery was at risk.

A fresh lockdown in New Zealand and a curfew imposed in Australia’s second-largest city of Melbourne over a Delta outbreak have added to concerns about lockdowns and travel restrictions in China, the world’s second-largest economy.

A lacklustre US retail sales report also exacerbated worries about the latest Covid-19 wave, bringing Wall Street’s streak of five straight records for the Dow and S&P 500 indices to a stuttering halt.

Tracking those losses, markets opened flat before rising Wednesday in Tokyo, where the grim global picture was made worse by the government’s decision to extend a state of emergency in the Japanese capital and other areas as the nation struggled to control a surging wave of infections.

“Investors continue to believe that economic normali sation will be delayed because of the spread of the coronavirus.”—AFP

Previous articleIftikhar hails extension in exports’ subsidized tariff
Next articleUK inflation slows more sharply than expected