Asian stocks higher after Wall Street falls on virus worries

Asian stocks higher after Wall Street falls on virus worries

SeattlePI.com

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BEIJING (AP) — Asian stock markets were mostly higher Wednesday after Wall Street declined as hopes for a possible coronavirus vaccine were tempered by worries about the pandemic's lingering impact.

Shanghai, Hong Kong and Seoul advanced while Tokyo declined.

Traders have been encouraged by announcements about possible progress toward a coronavirus vaccine. But growing infection numbers in the United States and Europe has raised the threat of renewed restrictions on business and movement.

“The reality of rising COVID-19 cases got hold of financial markets,” said Mizuho Bank in a report.

The Shanghai Composite Index gained 0.5% to 3,355.69 and the Hang Seng in Hong Kong added 0.6% to 26,572.66.

The Nikkei 225 in Tokyo lost 0.8% to 25,808.35 after data showed exports declined 0.2% in October from a year earlier.

The Kospi in Seoul advanced 0.2% to 2,545.24 and Sydney's S&P-ASX 200 added 0.3% to 6,520.80.

India's Sensex opened down less than 0.1% at 43,948.81. New Zealand declined while Southeast Asian markets advanced.

On Wall Street, the benchmark S&P 500 fell 0.5% from a record to 3,609.53 after data showed U.S. retail sales rose 0.3% in October, down from September’s 1.6%. The figure fell short of forecasts for 0.5% growth.

That was “a warning shot that Covid-19 is still with us, and its effects will not miraculously disappear overnight,” said Jeffrey Halley of Oanda in a report.

The chairman of the Federal Reserve, Jerome Powell, said Tuesday the American economy has a “long way to go” before it returns to pre-pandemic levels.

Powell warned the “next few months may be very challenging." He said the Fed is committed to supporting a recovery.

Stocks that stormed higher this month on hopes that a vaccine or two may get the global economy back...

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