/Asian stocks declined as hopes for a quick economic recovery faded

Asian stocks declined as hopes for a quick economic recovery faded

Asian stocks fell on Thursday in despair that life would soon return amid a coronavirus epidemic, even as Japan was ready to resume business in some areas.

Japan’s Nikkei 225 slipped 1.7% to 19,914.78. The Australian S&P / ASX 200 fell 1.4% to 5,334.30. South Korea’s Kospi fell 1.1% to 1,918.79. Hong Kong’s Hang Seng fell 1.4% to 23,837.37, while the Shanghai Composite fell 0.9% to 2,873.48.

India’s Sensex fell 2% to 31,36767.40, and markets fell in Southeast Asia and Taiwan.

Markets were unfavorable after remarks by Federal Reserve Chairman Jerome Powell, who expressed concern about the risk of corporate failure and job losses in the United States, said Stephen Innes, a global strategist at Axi Corps.

“Recovering the roller coaster has been a major topic of the week,” Ince said, adding that a quick shutdown in any part of the world could trigger another wave of CVV-19 infections.

The weight of investors ’stamps was Fed President Paul’s protracted recession warning. Powell said the U.S. government may need more support for the economy, which carries millions of jobs each week.

Japanese government officials were preparing to declare a nationwide “state of emergency” that would strongly urge non-essential workers to stay home.

Some areas where the infection does not spread too much can be reintroduced, although there are some social distance measures.

Japan has so far reported seven deaths from Kovid-19, but there have been no stops. Public dissatisfaction spreads, but people are also concerned about health risks such as in New York, Brazil and elsewhere, and whether the infection could increase too quickly.

Prime Minister Shinzo Abe is expected to announce the changes the day after the markets close.

Major Japanese companies such as Toyota Motor Corp. and Sony Corp. have announced sharp declines in profits since the outbreak and have not provided surplus estimates or partial forecasts for the year until March 2021.

Players are less likely to rebound quickly after the Wall Street index fell, with the S&P 500 down 1.7% on Wednesday, dropping to a second straight loss of 2,620.00. The biggest hits are the business goals that most healthy economies need to grow their profits.

“At the moment, we think there are more risky risks than incentives,” said Liz Ann Sanders, Charles Schwab’s chief investment officer.

“Generally consumers will be more cautious and more interested in raising savings prices and it looks like it is unlikely to return to the world of use anywhere near where it used to be,” he said.

The Dow Jones industrial average fell 2.2% to 23,247.97 and the Nasdaq combination fell 1.5% to 8,863.17. The Russell 2000 small cap index fell 3.3%.

This is the latest twist ring for a market that has been waiting in recent weeks to leave the best month of a generation. The 26% rally of the S&P 500 ended at the end of March, following promises of massive support from the Federal Reserve and Capitol Hill. Optimism then gained momentum as more countries and U.S. agencies began easing sanctions against the slow but severe recession that spread the coronavirus.

Many professional investors, however, have expressed skepticism about the protests, but given how much uncertainty there is about how long the recession will last, they said it was an exaggeration.

Analysts say they expect markets to remain in a wait-and-see mode for weeks as investors assess how the economic recovery is going. Another potential increase in trade tensions between the United States and China has recently weighed on world markets.

The 10-year Treasury yield fell to 0.62% from 0.65% late Wednesday.

The U.S. benchmark rose 31 cents to $ 25.60 a share of crude oil. Barrels in electronic trading on the New York Mercantile Exchange. It fell 65 cents to .6 25.68 on Wednesday. Brent crude, an international standard, rose 30 cents to .4 29.49 a share. Barrel.

The dollar fell from 107.83 yen to 106.83 Japanese yen. The euro fell from 0 1.0818 to 0 1.0810.

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Contributed by AP Business Writers Stan Cho, Damien J. Troyes and Alex Vega.