TOKYO (Reuters) – Asian shares fell sharply on Friday and oil prices extended losses on growing concerns that a resurgence of coronavirus infections could stunt the pace of recovery in economies reopening from lockdowns, or even lead to fresh restrictions.
FILE PHOTO: Visitors look at a stock quotation board at Tokyo Stock Exchange in Tokyo Japan, October 11, 2018. REUTERS/Issei Kato
MSCI’s broadest index of Asia-Pacific shares outside Japan slid 1.2%, after a strong run-up in recent weeks. Australian stocks dropped 1.57%, but shares in China erased losses to trade 0.03% higher after Beijing’s pledge to continue with capital market reforms.
U.S. stock futures, the S&P 500 e-minis, rose 1.4% in Asian time on Friday after tumbling overnight, but that did little to help sentiment.
Euro Stoxx 50 futures were down 0.6%, German DAX futures fell 0.65%, and FTSE futures were down 0.66%.
Oil futures slumped for a second consecutive trading session due to worries about weak global energy demand, which boosted the safe-haven dollar.
The Chinese yuan headed for its biggest daily decline in two weeks, underscoring investors’ risk-ave