Coronavirus: Asian Stock Markets Continue Global Fallout

Coronavirus: Asian Stock Markets Continue Global Fallout

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Asian stock markets on Tuesday were worried about an increase in coronavirus cases as investors plunged in the UK and the US.

Stock markets in Australia, Hong Kong, China and Korea all fell.

Investors were also shaken by dimming hopes for more financial support for the US economy.

However, the European market rose slightly on Tuesday, and London’s 100 Stock Index rose 0.4% to 5826.24 points.

Earlier, Australia’s All Ordinaries fell 0.7 percent to 5,973.50, Hong Kong Hang Seng fell 1 percent to 23,720.06, the Shanghai Composite Index fell 1.3 percent to 3,274.30, and Korea’s Kospi fell 2.38 percent to 2,332.59.

The Japanese market is closed due to public holidays.

British and US stock markets on Monday suffered heavy losses for fears that the economic outlook would worsen if coronavirus cases rise again.

More than £50 billion disappeared from UK stocks, causing similar declines in European and US stock markets.

Then negative sentiment spread to Asia, which previously became the focus of optimism from China’s continued economic recovery.

The Australian share market fell to its lowest level since mid-June due to pressure on mining and energy inventories.

Major mining companies, BHP Group and Rio Tinto, both fell around 2%.

Multiple tension

Stephen Innes, market strategist in Sydney, said, “The biggest problem in the local market is how the fight for super dominance in the technology sector between the US and China is going on through the lens of the ByteDance/Oracle -Walmart deal.” Based financial company AxiCorp.

He added that “the situation is getting complicated as election risks are rising in the first US election debate on the 29th.”

In Europe, bank stocks were affected by an additional set. Concerned over money laundering charges Exposed to leaked filesAnd that decline led to trade in Asia.

HSBC, a bank at the center of the scandal, saw a 5.3% drop in stock prices in London on Monday, but revelations pulled the whole sector down and other big banks dropped similar amounts.

HSBC Stocks hit their lowest in 25 years And they kept slipping in Hong Kong on Tuesday.An additional 2% drop.

British-based bank Standard Chartered shares named in leaked newspapers, It fell another 2.6% on Tuesday, hitting an 18-year low in the Hong Kong market.

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