Asian Markets Tumble As Infection Rates Jump

Asian markets sank Friday as rising virus infection rates across the world put the brakes on the latest rally

Hong Kong, (UrduPoint / Pakistan Point News - 10th Jul, 2020 ) :Asian markets sank Friday as rising virus infection rates across the world put the brakes on the latest rally.

Equities have shown a healthy resilience to the rapid spread of the disease around the world, with hopes for the economic recovery, the easing of lockdowns and government largesse providing crucial support.

But several days of figures showing a record number of new cases in populous US states including Florida, Texas and California -- leading to the reimposition of containment measures -- were beginning to sink in.

Analysts also pointed out that while global markets have enjoyed healthy gains, those have mostly come thanks to traders moving into tech firms, which are more likely to benefit from further lockdowns.

This is reflected in the tech-heavy Nasdaq index on Wall Street hitting multiplerecord highs over the past week, including Thursday.