Asian markets fall sharply as US coronavirus cases raise concerns over global recovery
“The recovery of the infection rate, especially in the US, shows that the road to full recovery will be long and medical solutions, such as vaccines, will be needed,” Tai Hui, chief Asian market strategist for JP Morgan Asset Management wrote in a note Monday.
The situation in the United States could also raise concerns in Europe, as European governments are considering more border openings during the summer holiday season, he added.
“We expect market sentiment to turn into caution in the near future, with investors shielding themselves from the pandemic and constant tensions between the US and China,” Hui said.
In the oil trade, U.S. oil fell 2% on Monday during Asian hours on Monday at $ 37.74 a barrel. Brent, the world reference value for oil, lost 1.7% in trade of $ 40.23 per barrel.
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