Asian shares drop ahead of EU meeting, U.S. stimulus talks
Asian shares declined on Monday as oil and copper ran weakly. This followed after an upsurge in global coronavirus cases overshadowed markets, while investors waited for the European zone and the United States to implement fiscal stimulus to combat the virus crisis.
MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.2%, erasing initial gains after E-mini futures for the S&P 500 tallied a 0.4% loss.
Australian shares declined the most, dropping 0.6% as virus cases in Victoria’s Southeast state surged. South Korea’s KOSPI also shed gains, declining a total of 0.5% as Hong Kong’s Hang Seng index recorded a 0.4% drop. Chinese shares jumped 0.8%.
Japan’s benchmark index Nikkei fell 0.35%. This followed after data revealed that the country’s exports recorded a double-digit decline for four consecutive months ended June.