Asian Markets Fell Due to Strict Measures taken to Control the Spread of Covid
Hong Kong, Dec 15 (AFP/APP): Asian markets fell across the board Tuesday as surging virus infections force governments to impose tighter containment measures, trumping the rollout of vaccines, while the pound held gains on hopes for a post-Brexit trade deal.
The downbeat mood also comes despite some optimism that US lawmakers are inching towards finally agreeing on a new stimulus for the world’s top economy.
Investors have taken a breather this month after November’s spectacular rally powered by the news of vaccines being shown to be effective, and Joe Biden’s election victory.
“Signs of market fatigue are more prevalent today than a month ago, even as the popular average is near all-time highs,” Paul Nolte, at Kingsview Investment Management, said in a note. “The much-awaited correction could come as investors tire of Washington, worry about the Covid cases over the holidays, or some other concern that is likely to pass in a few months.”
While the US on Monday began inoculations, its death toll hit 300,000 and analysts warned that while there is light at the end of the tunnel, there was still a lot of pain ahead.
Soaring case numbers have forced leaders to reimpose measures to stop the disease from spreading, with New York City Mayor Bill De Blasio saying a “full shutdown” could be announced soon. That comes as countries around the world struggle to get a grip on the crisis.
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