Asian stocks fell along with U.S. futures indicating the trend of stock declines at the beginning of the month may continue.
Asian Stocks Decline
Stocks declined in Asia with the Hang Seng Index in Hong Kong falling 3.72% and Seoul’s Kospi declining 1.92%. Investors feared increasing tensions between the United States and China, leading to weaker market sentiment after intelligence documents emerged indicating China had concealed the severity of the coronavirus outbreak, in order to hoard medical supplies.
Monday is a holiday in China and Thailand and markets are closed. Japanese markets will remain closed until Thursday, owing to the Golden Week holidays.
U.S. Futures Chase Early May Declines
U.S. futures fell with the S&P 500 dropping 0.81% to 2,799 and Dow Futures declining 0.82% to 23,425 at press time late Sunday night. The futures markets were in the red following the losses seen on Friday when the S&P500 fell 3.70%.
Investors are keeping a watchful eye on the easing of restrictions on movement, as countries begin to reopen globally and fears persist of a second wave of the pandemic, according to Bloomberg.
Earnings data is expected this week from Bayerische Motoren Werke AG (ETR: BMW), Disney Co (NYSE: DIS), and American International Group Inc. (NYSE: AIG).
Dollar Appreciates
The U.S. dollar rose on Monday against major currencies. The Australian dollar fell below the 64-cent mark for the first time in a week falling 0.5% to 0.6387. The Korean won declined to a one week low at 1,224.76 per dollar after gunfire was exchanged between North and South Korea at the border and North Korea’s leader made his first public appearance since April 11. The dollar was unchanged against the Chinese yuan at 7.0601 and traded steady against the Japanese yen at 106.74.
Oil Prices Fall
Brent crude July contracts were marginally higher by 0.15% at $26.48. U.S. crude futures slipped as much as 3.34% to $19.12 at press time.
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