Asian markets driven down by the possible second wave of the pandemic
Asian stocks went down on May 12, pressed by the growing anxiety over a second wave of the pandemic. New cases were registered in Wuhan, where the coronavirus reportedly originated.
MSCI Asia-Pacific index tumbled down 1%, stopping the growth of the last two sessions. Korean KOSPI lost 0.85%. Australian ASX lost 1.24%. Hang Seng index experienced the heaviest impact, losing 1.78%.
Meanwhile CSI300 index lost 0.5%. Chinese factory prices contracted at the fastest rate in the last four years in April. The final figures were much worse than analysts' forecasts.
Five new cases were reported in Wuhan on May 11. The news makes the public doubtful about the easing of the containment measures. Quarantine in Wuhan has only recently been relaxed.
Now investors have to weigh the optimistic stimuli of economic reopenings around the world against the risk of the pandemic coming back in full force.
European markets are headed for a softer opening as well. EUROSTOXX 50 futures lost 0.52%. FTSE futures lost 0.22$. E-Mini futures for the S&P 500 dropped 0.68%.