Asian Markets Mostly Lower

Asian stock markets are mostly lower on Tuesday following the overnight sell-off on Wall Street amid worries about a renewed surge in coronavirus cases in the U.S. as well as Europe and on fading hopes for U.S. stimulus before next week’s presidential elections.

The Australian market is extending losses from the previous sessions.

The benchmark S&P/ASX 200 Index is declining 71.10 points or 1.16 percent to 6,084.50, after touching a low of 6,068.30 earlier. The broader All Ordinaries Index is down 77.50 points or 1.22 percent to 6,279.80. Australian stocks closed modestly lower on Monday.

Among the major miners, Fortescue Metals is losing more than 2 percent. while BHP Group and Rio Tinto are declining more than 1 percent each.

Oil stocks are also weak after crude oil prices fell to a three-week low overnight. Santos is tumbling more than 3 percent, while Woodside Petroleum and Oil Search are lower by more than 2 percent each.

In the banking space, Commonwealth Bank, National Australia Bank, ANZ Banking and Westpac are lower in a range of 0.1 percent to 0.8 percent.

Gold miners are mixed after gold prices edged higher overnight. Newcrest Mining is adding 0.1 percent, while Evolution Mining is down 0.2 percent.

The Japanese market is declining and the safe-haven yen strengthened following the overnight sell-off on Wall Street.

The benchmark Nikkei 225 Index is down 74.42 points or 0.32 percent to 23,419.92, after touching a low of 23,232.31 in early trades. Japanese stocks closed little changed on Monday.

Market heavyweight SoftBank Group is adding 0.3 percent, while Fast Retailing is down 0.5 percent.

The major exporters are mixed on a stronger yen. Canon is gaining more than 5 percent after the company raised its financial outlook for fiscal 2020 despite reporting a 37 percent decrease in third-quarter profit.

Sony is edging up 0.1 percent, while Panasonic is declining 0.6 percent and Mitsubishi Electric is down 0.3 percent.

In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are declining almost 1 percent each. Among automakers, Honda is lower by more than 1 percent and Toyota is edging down 0.1 percent.

In the tech space, Advantest is declining almost 1 percent and Tokyo Electron is down 0.5 percent.

Among the other major gainers, M3 is rising almost 4 percent, Cyberagent is higher by more than 2 percent and Yamato Holdings is advancing almost 2 percent.

Conversely, Alps Alpine is losing more than 4 percent, NTN Corp. is lower by almost 4 percent, and Mitsui E&S Holdings is declining more than 3 percent.

In the currency market, the U.S. dollar is trading in the upper 104 yen-range on Tuesday.

Elsewhere in Asia, New Zealand is declining more than 1 percent, while Singapore, Shanghai, Hong Kong and Taiwan are also lower. Malaysia is modestly higher, while South Korea and Indonesia are little changed.

On Wall Street, stocks closed sharply lower on Monday amid concerns about a resurgence in coronavirus cases, with new infections reaching a new record high last Friday. The spike in new coronavirus cases comes as lawmakers in Washington appear to remain at an impasse over a new stimulus bill. Negotiations continue, but traders appear pessimistic that an agreement on a new relief package will be reached before next week’s presidential elections.

The Dow plunged 650.19 points or 2.3 percent to 27,685.38, the Nasdaq slumped 189.34 points or 1.6 percent to 11,358.94 and the S&P 500 tumbled 64.42 points or 1.9 percent to 3,400.97.

The major European markets also moved to the downside on Monday. The German DAX Index plunged by 3.7 percent, while the French CAC 40 Index slumped by 1.9 percent and the U.K.’s FTSE 100 Index fell by 1.2 percent.

Crude oil futures fell to their lowest level in three weeks on Monday as rising worries about the outlook for energy demand weighed on prices. WTI crude for December ended down $1.29 or about 3.2 percent at $38.56 a barrel, the lowest close since October 2.

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