European stocks, Asian shares decline as coronavirus cases soar

Gulf Today Report 

European stocks dropped on Monday as investors deferred from betting and British retailers get ready to reopen. 

The pan-European STOXX 600 index slipped 0.1% by 07:11 GMT. 

UK's domestically focussed FTSE mid 250 index declined by 0.2% but hovered below a record high as shops, pubs, gyms and hairdressers reopened after three months of lockdown.

Asian shares

Asian shares fell on Monday as investors pay remain cautious concerning the surge in coronavirus cases in different places.

READ MORE 

Gold drops on firm Treasury yields, dollar

Oil prices rise on prospective US fuel demand

PM Imran lauds overseas Pakistanis after remittances break all records

Shares fell in Tokyo, Shanghai, Hong Kong and Sydney. 

In early trading, Monday, the Nikkei 225 in Tokyo lost 0.5% to 29,611.51 and South Korea’s Kospi edged less than 0.1% higher to 3,133.06. In Hong Kong, the Hang Seng index dropped 1.2% to 28,360.32. Australia’s S&P/ASX 200 gave up 0.4% to 6,965.70 and the Shanghai Composite index sank 0.6% to 3,422.70.

A moderation in bond yields has helped restore confidence that the Federal Reserve will move soon to raise interest rates to keep inflation in check as the economy recovers from the shocks of the pandemic. 

However, the jump in cases in Asia is undermining confidence in that trajectory. 

In a report, Stephen Innes of Axi said, "the vaccine rollout remains slow in Asia, but what is more concerning is a renewed divergence in virus caseloads, with second waves taking hold in India, the Philippines and now Thailand."