SINGAPORE — Asia-Pacific stocks were mostly lower in Monday morning trade as new coronavirus cases surge in the U.S. as well in countries across Europe.
Mainland Chinese stocks led losses among the region’s major markets as they slipped in early trade, with the Shanghai composite down about 1.5% while the Shenzhen component fell 1.45%.
In Japan, the Nikkei 225 dipped slightly while the Topix index slipped 0.26%.
Over in South Korea, the Kospi shed.0.34% Shares of firms affiliated to conglomerate Samsung Group traded mixed following the passing of Samsung Electronics Chairman, Lee Kun-hee. Samsung C&T surged nearly 16% while Samsung Life Insurance soared 6.18%. Samsung Electronics edged 0.33% higher. Samsung SDI and Samsung Heavy Industries slipped 1.3% and 0.58%, respectively.
Shares in Australia saw gains, with the S&P/ASX 200 up 0.16%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded fractionally lower.
The Hong Kong market is closed on Monday for a holiday.
Meanwhile, oil prices dropped in the morning of Asian trading hours. International benchmark Brent crude futures fell about 1.6% to $41.09 per barrel. U.S. crude futures also declined 1.78% to $39.14 per barrel.
Developments out of China were watched, as the country’s top leaders meet this week to plan for the next five years.
Investor focus on Monday was also likely on the deteriorating coronavirus situation in the West, with the U.S. recently reporting a record-breaking number of new virus cases.
Over in Europe, cases have also surged, with Reuters reporting that France registered record daily coronavirus infections while Italy ordered bars to close early and shut public gyms in a bid to stem a resurgence in the virus.
Currencies
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.833 after its bounce from levels below 92.8 last week.
The Japanese yen traded at 104.84 per dollar after strengthening from levels above 105 against the greenback last week. The Australian dollar changed hands at $0.7119 following a rise from levels below $0.704 in the previous trading week.
Source: CNBC