Asia stocks are likely to come under pressure on Wednesday, tracking declines on Wall Street while gold prices were buoyed by safe-haven demand as economic indicators pointed to more signs of recession.
FILE PHOTO: A passerby wearing a protective face mask, following an outbreak of the coronavirus, walks past an electronic board showing the graphs of the recent movements of Japan's Nikkei share average outside a brokerage in Tokyo, Japan March 6, 2020. REUTERS/Issei Kato
Australia and China traded barbs on Tuesday in an increasingly acrimonious spat over Australia’s support for a global inquiry into the origins of the coronavirus pandemic. “Equity markets have failed to build on Monday’s exuberance which was driven in part by the excitement over U.S. drug company Moderna’s early COVID-19 vaccine test results,” National Australia Bank analysts said in a Wednesday note.
The Dow Jones Industrial Average fell 1.59%, the S&P 500 lost 1.05% and the Nasdaq Composite dropped 0.54%.Spot gold prices were little changed and not far from Monday’s more than 7-1/2-year high, buoyed by safe-haven appeal amid economic uncertainty.
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