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Asia follows global shares slide amid fears

International desk || shiningbd

Published: 12:02, 20 July 2021  
Asia follows global shares slide amid fears

Stock markets across the world have dropped on fears that increasing numbers of Covid cases will hamper economic recovery.

In Asia, Japan's Nikkei 225 index was down by around 1% in Tuesday's trade to hit its lowest level in six months.

In New York, the Dow Jones Industrial Average tumbled by more than 2%, while major indexes in the UK and mainland Europe also fell.

New cases are rising in some countries, fuelled by the Delta variant.

Japanese shares are now down for a fifth session in a row over concerns about the spread of the highly contagious Delta variant and that the Tokyo Olympics could worsen the health crisis.

Benchmark indexes in Hong Kong, mainland China, South Korea and Australia were also trading lower.

"Investors are concerned that the rapid spread of the Delta variant will derail the trajectory of the global recovery, notably in Asia which still has relatively low vaccination rates and where some widely used vaccines do not appear overly effective against it," Jeff Halley, senior market analyst, from Oanda told the BBC.

"I believe we are in for a messy week ahead, with markets being driven around by sentiment and not data, as the international economic calendar is very quiet," he added.

Meanwhile, businesses in the UK have described how they are cutting opening hours, closing shops or may have to reduce production as employees are forced to self-isolate after being alerted by the NHS Covid-19 app.

Shiningbd/Mb