Asian shares mixed as US reports surging virus cases
BANGKOK (AP) — Shares were mixed Monday in Asia as China and South Korea reported lower numbers of new coronavirus cases, while new infections in the U.S. and worldwide surged sharply.
Tokyo, Hong Kong and Seoul declined while Shanghai edged higher.
Sydney's S&P/ASX 200 edged 0.1 percent higher to 5,946.50, getting a boost from reports that consumer spending has rebounded more quickly from their pandemic shocks than expected, analysts said.
“However, that partly reflects pent-up demand and the strong support from government initiatives. Employment income has slumped and we only expect spending to return to pre-virus levels next year,” Marcel Thieliant of Capital Economics said in a report.
Tokyo's Nikkei 225 index slipped 0.2% to 22,437.27, while the Hang Seng in Hong Kong sank 0.6% to 24,496.74. The Kospi in South Korea slipped 0.4% to 2,132.94.
The Shanghai Composite index edged 0.1% higher to 2,966.45, while India's Sensex jumped 0.7%. Shares rose in Taiwan and Singapore but fell in Jakarta and Bangkok.
Investors appeared cautious with prices already relatively high and “out of whack" with earnings expectations, Mizuho Bank said in a commentary. “And so, investors may be increasingly nervous about being caught on the wrong side of ‘irrational exuberance,' “ it said.
On top of that, the “sheer speed and amplitude of the equity market rebound ... from the depths of the March sell-off may also counsel some patience rather than haste; prudently pausing to take profits for the quarter," it said.
The World Health Organization on Sunday reported the largest single-day increase in coronavirus cases by its count, at more than 183,000 new cases in the previous 24 hours. The UN health agency said on Sunday that Brazil led the way with 54,771 cases tallied...
