Asian Markets fall as Covid-19 Spikes Higher

The Asian and Pacific Rim financial and equity markets were mostly lower during the early morning trade session to kick a new week off.

Trader sentiment is taking a hit as there is a spike in coronavirus cases (Covid-19) around the world and especially in Western nations. Some nations, like Spain in the European Union, has already issued a new nationwide curfew to stem the spread of the pandemic. These new measures could derail the already fragile global economic recovery.

The Asian benchmark and other financial markets in Hong Kong are closed for a public holiday on Monday.

In Japan, the Nikkei 225 is down a fraction of a percent and the broader Topix index, in Tokyo, is trading down 0.25 percent by the late morning.

In South Korea, the Kospi composite index was down 0.34 percent as shares of Samsung were lower after the death of the company’s founder and Chairman Lee Kun-hee crossed the wires. Companies affiliated with their supply chain were also under pressure.

Elsewhere in the Asian and Pacific Rim, the Australian S&P ASX 200 was trading up 0.16 percent.

On the mainland, in China, the headline bourses led the regional losses. The Shanghai composite fell one and a half percent and the Shenzhen component shed 1.45 percent.

Asian Traders Worry about Rising Global Covid-19 Cases

Traders are worried about the global coronavirus pandemic. Throughout the Western world, cases are surging higher with the United States reporting a record setting number of new cases in a single day.

In Europe, it is not much better and the situation is deteriorating rapidly. France has now recorded a fresh daily record of coronavirus infections.

Spain has just announced a new nationwide curfew. Italy has just ordered bars to close early. Italy is also closing public gyms as they stop to stem the spread of the second outbreak of the Covid-19 pandemic and virus.