Asian stocks fail to follow Wall Street amid pandemic fears
- Asian equities mark mixed numbers as coronavirus outbreak tame risk-on.
- The US Senate passes COVID-19 Relief Bill, final voting expected on Friday.
- Tokyo Governor warns residents to stay at home, Indonesian figures are doubted and the outbreak in the US/UK becomes fierce.
- BOE, G20 and the US data will be the key going forward.
Coronavirus (COVID-19) outbreak weighs over the Asian market’s trading sentiment as the pandemic stops the shares from cheering the US Senate’s passage of the much-awaited relief bill. Even so, some of the markets cheer their respective government’s stimulus packages to ward off the negative implications of the deadly virus.
While portraying the mixed sentiment, MSCI’s gauge of Asia-Pacific shares outside Japan register 1.25% gains but Japan’s NIKKEI drops 3.9% to 18,800 ahead of the European session on Thursday.
Markets in India and Indonesia are among those cheering their respective government’s efforts with more than 5.0% gains each. On the other hand, stocks in China and the US stock futures flash the red.
Further, the US 10-year treasury yields slip six basis points (bps) to sub-0.80% amid rising cases and the death toll in the West.
It's worth mentioning that the Wall Street benchmarks portrayed the second day of gains while closing for Wednesday.
Moving on, monetary policy meeting by the Bank of England (BOE) and the videoconference by the G20 policymakers are likely to be the key. Also important will be the US Jobless Claims that are likely to surge on the back of the spreading disease.