Asian shares performed unsteadily on Wednesday. This followed after an increase in new coronavirus cases in some parts of the world dampened investors’ optimism over a possible recovery in the economy. Meanwhile, oil prices eased on oversupply concerns.
MSCI’s broadest index of Asia-Pacific shares outside Japan declined after recording its 4-1/2 month high last Tuesday. Chinese shares swung sharply between green and red while Australian shares dropped 0.4%. New Zealand and South Korea’s indexes also fell as Japan’s benchmark Nikkei shed 0.1%. Hong Kong’s Hang Seng index was slightly firmer.
E-mini futures for the S&P 500 advanced 0.18%. However, U.S. stocks dropped overnight, ending a five-day winning streak of the benchmark S&P 500 index. This came to be its longest rally this year brought by better-than-expected economic data.