Asian
stocks were down at the beginning of the
week, with mounting worries of Covid-19 as the infections surpassed 10 million
and as key U.S. States re-imposed lockdown restrictions.

Hong
Kong’s Hang Seng Index plunged 1.01 percent to 24,301.28
, while the
Shanghai Composite Index closed 0.61 percent down at 2,961.52.

Australia’s
S&P/ASX 200 finished 1.51 percent lower at 5,815.00
, and South
Korea’s Kospi index descended 1.93 percent to 2,093.48.

In
Japan, Nikkei 225 index slumped 2.30 percent to 21,995.04
points.

The
decline in Asian shares was influenced by the retreat in US shares to the
lowest level in a month on Friday, amid heightened concerns about a second wave
of coronavirus infections, following a marked rise in cases in Texas, Florida,
Arizona and California
.

The
re-imposition of restrictions in Texas, Florida and Arizona have added to
concerns that the U.S. is currently experiencing a second wave after flattening
the curve, as the Covid-19 cases are edging up by 40,000 per day
.

Worldwide,
the aggregate coronavirus infections have reached 10,258,151
, with fatalities
of 504,613, where the U.S., Brazil and India led the surge.

The
risk-off sentiment among investors has pulled the MSCI world shares index to
its lowest level in two weeks.

The
announcement of the People’s Bank of China that the central bank would adopt new
monetary measures to ensure liquidity reaches the real economy
failed to
ease the jittery situation.

Tomorrow,
eye will focus on Federal Reserve Chairman Jerome Powell and U.S. Treasury
Secretary Steven Mnuchin as the testify before the House Financial Services
Committee
.

On
Thursday, the U.S. jobs report will provide a clear picture about the labor
market in June, as markets will be closed on Friday due to the U.S.
Independence Day holiday.

The dollar index
traded lower for the first time in four sessions at 97.26, while the green
currency slipped 0.17 percent versus the offshore yuan to 7.0740
.

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