Markets down on Delta variant gloom

HONG KONG:

Asian markets were broadly down on Tuesday as investors weighed record gains on Wall Street against fears the resurgent Delta coronavirus variant may put the brakes on the global economic recovery. Major US indices rebounded overnight from a slow start as bargain hunters stepped up purchases - leaving both the Dow and S&P 500 finishing narrowly positive to extend a streak of record-high closes to a fifth straight day. Buoyed by Wall Street, Tokyo opened up, before erasing early gains and closing down for a fourth consecutive session as fears over a surge in virus cases dampened hopes for the recovery. “As long as the number of new cases continues to rise to record highs, investors won’t feel encouraged,” Okasan Online Securities senior strategist Yoshihiro Ito said in a note. Markets in China also dragged as a regulatory crackdown on private business by Beijing continued to leave investors on edge, with Hong Kong closing at its lowest level in three weeks and Shanghai closing well down.

Published in The Express Tribune, August 18^th, 2021.

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