How Coronavirus Cases in the U.S. Affected Stocks in Asia

The coronavirus pandemic remains one of the most discussed issues in the world, for more than 8 months and it is hard to determine how long it would take to stabilize the situation. Moreover, the number of cases in the U.S. and elsewhere continue to rise and it is not surprising that stocks in Asia-Pacific were mixed on November 13. Unfortunately, the coronavirus cases continue to increase in the U.S. Importantly, the pandemic is a serious issue as can be seen from its influence on the economy.

Let’s have a look at the stocks to learn more about the situation in the region. It is worth mentioning that mainland Chinese stocks fell on Friday. The Shanghai Composite fell 0.86% to around 3,310.10. In the meantime, the Shenzhen Component dropped 0.272% to about 13’754.55.

Moreover, Hong Kong’s Hang Seng index closed slightly lower at 26,156.86. However, shares of Chinese tech giant Tencent jumped 4.33% in Hong Kong. That move came after the company announced its quarterly profit increased by more than 80% from last year. The tech giant made this announcement on Thursday. 

In Japan, the Nikkei 225 dropped 0.53% to end its trading day at 25,385.87. At the same time, the Topix index 1.33% to 1,703.22.

People should take into account that South Korea’s Kospi index gained 0.74% to close at 2,493.87. Moreover, the Taiex in Taiwan also added 0.39% on the day to 13,273.33.

Australia’s S&P/ASX 200 fell 0.2% to close at 6,405.20. 

Stocks and coronavirus

It is no secret that investors continue to monitor the coronavirus situation in the U.S. It makes sense as daily new cases of the virus continued to rise in the country. Importantly, according to the U.S. Federal Reserve Chairman Jerome Powell, the next several months will be challenging despite recent developments on the vaccine front. 

The coronavirus pandemic had a dramatic impact on the U.S. economy. Millions of people across the country are still looking for a job. Moreover, the airline industry suffered huge losses and it could take several years to return to pre-coronavirus levels. Other countries around the world are also working hard to support their citizens as well as companies. In this situation, it is not surprising that Jerome Powell understands the importance of pandemic and its impact on the economy. 

As stated above, stocks were mixed in Asia-Pacific as coronavirus continues to affect stocks.