Asian shares turn lower as virus caseloads surge

MITO, Japan (AP) — Shares were mostly lower in Asia on Wednesday, as governments in the region reported surging numbers of confirmed coronavirus cases.

Stocks retreated in Tokyo, Hong Kong and Sydney but edged higher in Shanghai.

Australia’s hard-hit Victoria state reported a record 484 new COVID-19 cases, and health authorities warned that numbers could continue to rise if the sick continue to fail to isolate themselves.

Local officials in Tokyo and Hong Kong also expressed alarm at surging numbers of infections.

Adding to unease was a report by the U.S. Centers for Disease Control that the number of coronavirus cases in some states is much higher than has been reported. Experts have said all along that the toll from the COVID-19 pandemic is much higher than tallies of confirmed cases would indicate, due to issues with testing and data collection.

Tokyo's Nikkei 225 index lost 0.6% to 22,751.61 while the Hang Seng in Hong Kong shed 0.6% to 25,494.08. The Shanghai Composite index gained 0.2% to 3,328.68.

The S&P ASX/200 in Australia skidded 1.3% to 6,075.10. Shares rose in Taiwan, Kuala Lumpur and Jakarta but fell in Singapore and Bangkok.

Uncertainty over prospects for more financial aid to Americans and U.S. businesses also is casting a shadow, analysts said. The Republican Party and Democrats remain divided over how much support is needed, as states grapple with rebounds in cases that have prompted some local governments to order some businesses to close to help snuff out flare ups of the virus.

“Asia markets are not expected to share in the cheer this midweek with some doubts cast on progress in delivering the next fiscal support for the U.S. economy," Jingyi Pan of IG said in a commentary.

On Wall Street, shares edged higher overnight despite a late...