Asian stock markets sink as traders watch Europe virus cases

Nov 25, 2021, 10:00 AM | Updated: 8:42 pm
A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI) at a f...

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI) at a foreign exchange dealing room in Seoul, South Korea, Friday, Nov. 26, 2021. Asian stock markets sank Friday as traders watched a surge in coronavirus cases in Europe and anti-disease controls that threaten to disrupt trade and travel.(AP Photo/Lee Jin-man)

(AP Photo/Lee Jin-man)

BEIJING (AP) — Asian stock markets sank Friday as traders watched a surge in coronavirus cases in Europe and anti-disease controls that threaten to disrupt trade and travel.

Shanghai, Tokyo, Hong Kong and Sydney declined. U.S. markets were closed Thursday for a holiday.

Austria imposed a nationwide 10-day lockdown after its daily virus deaths tripled, while Italy imposed curbs on activity by unvaccinated people. The U.S. government advised Americans to avoid Germany and Denmark. Morocco suspended flights from France after its daily new cases spiked above 30,000.

“Traders will be closely monitoring the situation with the new COVID wave across Europe,” said Anderson Alves of ActivTrades in a report. Alves said curbs imposed by China that limit access for shipping crews are “prolonging a crisis” in global trade.

The Shanghai Composite Index lost 0.4% to 3,569.86 and the Nikkei 225 in Tokyo plunged by an unusually wide 2.5% margin to 28,779.03. The Hang Seng in Hong Kong tumbled 1.9% to 24,260.94.

The Kospi in Seoul lost 1% to 2,949.71 and Sydney’s S&P-ASX 200 fell to 7,301.90. New Zealand and Southeast Asian markets also declined.

Wall Street’s benchmark S&P 500 closed up 0.2% on Wednesday. U.S. markets are due to reopen Friday for a shortened trading session.

Investors are more cautious after Federal Reserve officials said in notes from their October meeting released this week they foresaw the possibility of responding to higher inflation by raising rates sooner than previously planned.

Financial markets had been encouraged by strong U.S. corporate earnings and signs the global economy was rebounding from last year’s history-making decline in activity due to the pandemic. Stock prices have been boosted by easy credit and other measures rolled out by the Fed and other central banks.

Investors worry central bankers might feel pressure to withdraw stimulus earlier than planned due to stronger-than-expected inflation. The Fed said earlier it foresaw keeping rates low until late next year.

In energy markets, benchmark U.S. crude fell $1.68 to $76.71 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oils, shed $1.29 to $79.63 per barrel in London.

The dollar fell to 114.62 yen from Thursday’s 115.36 yen. The euro advanced to $1.1224 from $1.1221.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

Hawaii mountains to see snow after rare blizzard warning

HONOLULU (AP) — The National Weather Service has issued a blizzard warning for mountains on Hawaii’s Big Island, saying wind gusts of above 100 mph (160 kph) and 12 inches (30.4 centimeters) or more of snow were possible. The warning in effect through Sunday morning for Big Island summits said “travel should be restricted to […]
11 hours ago
FILE - In this image taken from video, Musician Lenny Kravitz stands in front of one of his photos ...
Associated Press

Lenny Kravitz wows at private party during Miami Art week

MIAMI BEACH, Fla. (AP) — Legendary rocker Lenny Kravitz gave a private performance Friday for a star-studded crowd that included Leonardo DiCaprio and local Latin boy band CNCO during Miami’s Art Week. The lavish party is an annual affair hosted by business mogul and art collector Wayne Boich. He and his wife also hosted a […]
11 hours ago
Thousands of demonstrators march in Utrecht, Netherlands, Saturday, Dec. 4, 2021, to protest agains...
Associated Press

Anti-lockdown protesters march through Dutch city of Utrecht

UTRECHT, Netherlands (AP) — Thousands of people marched peacefully through the Dutch city of Utrecht on Saturday to protest the government’s coronavirus lockdown measures. Holding balloons, umbrellas and banners, including ones that said: “It’s not right,” protesters watched by a large police presence moved from a park into the city center without incident. Siebke Koopman […]
11 hours ago
In this screen grab from video, Hennepin County Judge Regina Chu presides over jury selection Frida...
Associated Press

Man accused of trying to intimidate judge in Potter trial

MINNEAPOLIS (AP) — A Minneapolis man has been charged with trying to intimidate the judge presiding over the manslaughter trial of the former officer charged in Daunte Wright’s death. The Star Tribune reports Cortez A. Rice was charged last week with tampering with a judicial officer, a felony. Rice allegedly went into the Loring Park […]
11 hours ago
Russian President Vladimir Putin holds a video conference to address participants in a congress of ...
Associated Press

Biden, Putin set video call Tuesday as Ukraine tensions grow

MOSCOW (AP) — President Joe Biden and Russian President Vladimir Putin will speak in a video call Tuesday, the Kremlin said, as tensions between the United States and Russia escalate over a Russian troop buildup on the Ukrainian border that’s seen as a sign of a potential invasion. Kremlin spokesman Dmitry Peskov confirmed plans on […]
11 hours ago
CORRECTS TIME OF PHOTO TO THREE DAYS AFTER FAILED EXECUTION INSTEAD OF BEFORE EXECUTION - This phot...
Associated Press

Alabama inmate who survived execution bid buried with family

BIRMINGHAM, Ala. (AP) — An Alabama inmate who survived an execution attempt and died years later of natural causes was laid to rest in a grave dug by family and friends, his lawyer said. Doyle Lee Hamm, who was convicted of capital murder in the slaying of a motel clerk in 1987, was buried Friday […]
11 hours ago

Sponsored Articles

...
Arizona State University

Gain insights on next year’s trends at 58th Annual Economic Forecast Luncheon

Employment is recovering from the severe contraction induced by the pandemic, but it is still way below levels at the start of 2020. Can it fully recover in the coming year?
...
PNC BANK

How your family can explore the Musical Instrument Museum

Whether you want to spend a day with family, do crafts with kids at home, or have an adult night out, the Musical Instrument Museum in Phoenix has options. As the world’s only global musical instrument museum, MIM offers interactive and immersive exhibits to foster an appreciation of different cultures and their instruments. “A visit […]
...
PNC Bank

3 cool tips to turn everyday moments into learning experiences for your child

Early brain development has a crucial impact on a child’s ability to learn and succeed in school and life. Research has shown that 90% of a child’s brain is developed by age five.
Asian stock markets sink as traders watch Europe virus cases