Japan’s Topix index and Australia’s S&P/ASX 200 both dropped 1.2 percent. South Korea’s Kospi dropped 0.9 percent, the FT has reported. “Equities were getting ahead of economic fundamentals,” said Tai Hui, chief Asia market strategist at JPMorgan Asset Management. He added the rise in US infections “could also prompt concerns in Europe, as European governments are considering further opening up of borders during the summer holiday season”.
Meanwhile, futures markets tipped Wall Street’s S&P 500 to gain 0.2 per cent when trading begins later on Monday.
London’s FTSE 100 was set to fall 0.2 percent.
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6.31am update: South Korea exports to fall for fourth month but at a slower pace, poll shows
South Korean exports likely shrunk for a fourth month but at a slower pace in June due to easing global virus lockdowns and more working days, yet a second wave of infection and Sino-U.S. tension were seen clouding near-term recovery, a poll showed on Monday.
Overseas sales were expected to decline 7.8 percent year-on-year, according to the median forecast in a Reuters poll of 12 economists. That compared with a 23.6 percent plunge in May and a 7.5% fall in preliminary data for the first 20 days of the month.
“The rate of contraction should have narrowed to a single-digit due to resumption of economic activities in some parts of the world and more working days in the month,” said Park Sung-woo, economist at DB Financial Investment.
Published at Mon, 29 Jun 2020 04:59:00 +0000