Published 14:03 IST, October 16th 2020

Asian shares mixed amid 2nd wave coronavirus, election fears

Asian shares were mixed on Friday as investors weighed concerns about the U.S. presidential election and an economic stimulus package, on top of flaring outbreaks of coronavirus.

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Asian shares were mixed on Friday as investors weighed concerns about U.S. presidential election and an ecomic stimulus pack, on top of flaring outbreaks of coronavirus.

Looking ahe, markets are awaiting release of data on Chinese ecomy next week.

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Shares rose in China but fell in Japan, South Korea and Australia.

Stocks ended mostly lower on Wall Street, giving S&P 500 its third straight loss this week.

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Japan's benchmark Nikkei 225 fell 0.3% in afteron tring to 23,429.75. Australia's S&P/ASX 200 shed 0.5% to 6,176.80. South Korea's Kospi declined nearly 1.0% to 2,337.81. Hong Kong's Hang Seng gained 1.1% to 24,425.13, while Shanghai Composite rose 0.2% to 3,338.10.

“Asian stocks look set for a mixed start today as trers digest latest news on U.S. stimulus negotiations amid a resurgence in COVID-19 cases in some parts of world,” said Stephen Innes, chief global market strategist at Axi.

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“ markets’ on again off again love affair with an impending stimulus torrent masks fact that investor uncertainty is bristling ahe of an expected choppy period in terms of heline risk,” Innes said.

U.S. stock indexes erased much of ir early losses and closed modestly lower Thursday, extending S&P 500's losing streak to a third day.

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Wall Street has turned cautious this week amid a confluence of worrisome trends for ecomy, which is still hampered by pandemic. Coronavirus infections are rising in Europe, prompting governments in France and Britain to impose new measures to contain outbreak. Caselos area also climbing in Americas and parts of Asia.

In U.S., investor optimism that Trump ministration and Congress will soon reach a deal on ar round of stimulus for ecomy has waned.

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Meanwhile, campaign atrics continue, with latest question wher debate scheduled next week between President Donald Trump and former Vice President Joseph Biden will go ahe as planned. clash planned for this week was called off after Trump's bout of coronavirus. Biden has said he plans to participate in next week’s debate but that he would ask Trump to take a COVID-19 test before arriving.

S&P 500 fell 0.2% to 3,483.34. Dow Jones Industrial Aver dropped 0.1% to 28,494.20, while Nasdaq composite dropped 0.5% to 11,713.87. Russell 2000 index of small-cap stocks bounced back from an early slide to gain 1.1%, closing at 1,638.88.

U.S. data on unemployment claims also weighed on investor sentiment. Labor Department said Thursday that number of Americans seeking unemployment benefits rose last week to 898,000, a historically high number that exceeds analysts forecasts.

Investors are also watching for earnings reports from U.S. and global companies for signing on how y are holding up amid pandemic. A resurgence in COVID-19 cases in regions around world will mean limits on public life, including a possible return to lockdowns that are damaging to growth.

In energy tring, benchmark U.S. crude lost 37 cents to $40.59 a barrel in electronic tring on New York Mercantile Exchange. It gave up 8 cents on Thursday to $40.96. Brent crude, international standard, fell 41 cents to $42.75 a barrel.

U.S. dollar stood at 105.27 Japanese yen, down from 105.42 yen late Thursday. euro cost $1.1706, little changed from $1.1710.

This story has t been edited by www.republicworld.com and is auto-generated from a syndicated feed.

14:03 IST, October 16th 2020