Dow drops amid Covid resurgence fears, oil, currencies

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SINGAPORE — Shares in Asia-Pacific fell in Tuesday morning trade following an overnight tumble for stocks on Wall Street that saw the Dow Jones Industrial Average plunging more than 700 points.

In Japan, the Nikkei 225 slipped 0.89% while the Topix index fell 1.05%. South Korea’s Kospi declined 0.55%.

The S&P/ASX 200 in Australia dropped 1.06%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.27% lower.

China is set to announce its latest benchmark lending rate later on Tuesday. Majority of traders and analysts in a snap poll expect no change to both the one-year Loan Prime Rate (LPR) or five-year LPR, according to Reuters.

Markets in Indonesia, Malaysia and Singapore are closed on Tuesday for holidays.

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Wall Street drop

Overnight stateside, the Dow Jones Industrial Average plunged 725.81 points to 33,962.04 while the S&P 500 slipped 1.59% to 4,258.49. The Nasdaq Composite fell 1.06% to 14,274.98.

The losses on Wall Street came as concerns grew over the potential impact of a Covid resurgence on the global economic recovery. Several countries in Southeast Asia have been battling a resurgence in infections, and Goldman Sachs recently slashed its 2021 growth forecasts for most of the region.

Currencies and oil

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