{"id":118282,"date":"2021-03-24T07:45:39","date_gmt":"2021-03-24T07:45:39","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118282"},"modified":"2021-03-24T07:45:39","modified_gmt":"2021-03-24T07:45:39","slug":"asian-shares-hit-two-week-lows-dollar-gains-as-investors-scurry-for-cover","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/asian-shares-hit-two-week-lows-dollar-gains-as-investors-scurry-for-cover\/","title":{"rendered":"Asian shares hit two-week lows, dollar gains as investors scurry for cover"},"content":{"rendered":"

SYDNEY (Reuters) – Asian shares skidded to a two-week trough on Wednesday and the dollar neared four-month highs as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite, leading to a flight to safety.<\/p>

FILE PHOTO: A man wearing a facial mask, stands in front of an electric board showing Nikkei (top in C) and other countries stock index outside a brokerage at a business district in Tokyo, Japan, January 4, 2021. REUTERS\/Kim Kyung-Hoon<\/figcaption>

U.S. and European stock futures were weaker in late Asian trading. E-Mini futures for the S&P 500 were down 0.1%, London\u2019s FTSE futures were 0.65% lower while eurostoxx 50 futures lost 0.6%.<\/p>\n

MSCI\u2019s broadest index of Asia-Pacific shares outside of Japan fell 1.3% after losing 0.9% on Tuesday. It went as low as 674.18 points, a level last seen on March 9.<\/p>\n

The index has had a disappointing run in March after five straight months of gains, as risk assets were earlier spooked by fears inflation will pick up at a faster-than-expected pace led by successful coronavirus vaccine rollouts and massive U.S. fiscal stimulus.<\/p>\n

Japan\u2019s Nikkei stumbled 2% while South Korea\u2019s KOSPI slipped 0.4%. Chinese shares were in the red for a second day with the blue-chip CSI300 index down 1.65%. Hong Kong\u2019s Hang Seng skidded 2.2%.<\/p>\n

On Wall Street overnight, the Dow Jones Industrial Average fell 0.94%, the S&P 500 lost 0.76% and the Nasdaq Composite dropped 1.12%.<\/p>\n

\u201cWe continue to stress that the economic outlook remains tied to the path of the virus,\u201d said Kim Mundy, senior economist & currency strategist at Commonwealth Bank.<\/p>\n

\u201cThe risk is that the more contagious and deadly strain of the virus elicits a stronger response from European governments which sees Europe remaining locked down for longer.\u201d<\/p>\n

Germany extended its lockdown to April 18. A U.S. health agency said the AstraZeneca Plc vaccine developed with Oxford University may have included outdated information in its data, further fueling investor concerns over the recovery.<\/p>\n

Adding to investor woes, Treasury Secretary Janet Yellen told Congress on Tuesday the U.S. economy remained at risk.<\/p>\n

In currencies, the dollar index approached a four-month top of 92.506 against a basket of most major currencies. [FRX\/]<\/p>\n

The euro edged toward a four-month trough below $1.18355 – trading as low as $1.18360 – after Germany extended its lockdown. The safe-haven yen was broadly stronger, and Australia\u2019s dollar – considered a liquid proxy for risk – slipped as low as $0.7583, a level not seen since Feb.5.<\/p>\n

U.S. manufacturing data was due later on Wednesday and Powell was expected to give the same prepared testimony to a Senate banking panel.<\/p>\n

The flight to safety hit commodity prices, though oil prices edged higher on Wednesday as investors looked for bargains. Gains were capped, however, as lockdowns in Europe and a build in U.S. crude stocks curbed risk appetite and raised oversupply fears. [O\/R]<\/p>\n

Brent crude futures rose 22 cents to $61.01 a barrel, after tumbling 5.9% and hitting a low of $60.50 on Tuesday. West Texas Intermediate (WTI) crude futures added 17 cents to $57.93, having lost 6.2% the previous day.<\/p>\n

Safe haven gold was higher at $1,729.3 an ounce.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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