Stock markets in Asia are slipping

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Reflections on a display board of the Tokyo Stock Exchange.

(Photo: AFP)

Tokyo Asian equity markets slipped on Wednesday despite talks about cautious easing in some countries to boost the economy. Warnings of the worst global recession since the 1930s underscored the economic damage the coronavirus outbreak has done to date. China’s lowering of the important medium-term interest rate to a record low also did not give the stock markets the necessary momentum.

“The flattening of infection curves and the thought of more stimulus gives everyone a boost,” said Stephen Innes, chief global market strategist at AxiCorp. “However, the picture could be deceptive, as a storm is brewing behind the headlines – which suggests that there is still much to fear.”

The Tokyo stock exchange initially appeared inconsistent on Wednesday. The Nikkei index, comprising 225 values, was 0.6 percent lower over the course of 19,521 points. The broader Topix index rose 0.1 percent to 1435 points.

The Shanghai stock exchange was down 0.2 percent. The index of the most important companies in Shanghai and Shenzhen lost 0.3 percent. The MSCI index for Asian stocks outside of Japan rose 1.6 percent.

In Asian currency trading, the dollar lost 0.1 percent to 107.10 yen and rose 0.1 percent to 7.0533 yuan. The Swiss currency was 0.1 percent higher at 0.9607 francs. At the same time, the euro remained almost unchanged at $ 1.0976 and rose 0.1 percent to CHF 1.0548. The pound sterling lost 0.1 percent to $ 1.2607.

More: Read all current developments regarding the corona pandemic here.



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