Asian markets lower after Wall St declines for third week

BEIJING (AP) — Asian stock markets were lower Monday after Wall Street declined for a third straight week and Britain reported a rise in coronavirus infections.

Benchmarks in Shanghai, Hong Kong, Seoul and Sydney retreated. Japanese markets were closed for a holiday.

On Friday, Wall Street’s benchmark S&P 500 index lost 1.1%, led by a sell-off of tech companies that led this year's rebound. Investors worry they might have become to expensive.

Market momentum shifted after the Federal Reserve said last week the U.S. economic outlook is uncertain. Growth in some industries has slowed after additional unemployment benefits that supported consumer spending expired. Congress has yet to agree on a new support package.

“With 43 days to the U.S. election, fingers crossed may be what little one can do when it comes to the fiscal stimulus hopes,” said Jingyi Pan of IG in a report.

Investors also were rattled by a rise in coronavirus cases in Britain. On Sunday, the government reported 4,422 new infections, its biggest daily rise since early May. An official estimate shows new cases and hospital admissions are doubling every week.

The Shanghai Composite Index lost 0.4% to 3,324.25 and the Hang Seng in Hong Kong shed 0.9% to 24,223.09.

The Kospi in Seoul was up less than 0.4% to 2,401.25 while Sydney’s S&P-ASX 200 sank 0.6% to 5,826.70.

India's Sensex opened up 0.2% at 38,938.63. New Zealand and Jakarta declined while Singapore and Bangkok advanced.

Global markets have recovered most of this year’s losses, though the bulk of gains went to big tech companies and a handful of stocks, while most issues still are down.

Investors have been encouraged by central bank infusions of credit into struggling economies and hopes for a vaccine to end the coronavirus...