Asian Markets Stumble Wednesday

Asian markets sustained deep losses Wednesday after setbacks in the search for a COVID-19 vaccine or therapeutic drug caused uncertainty among investors. Japan’s benchmark Nikkei index was the region’s lone brightspot, finishing 0.1% higher.  The S&P/ASX index in Australia was down 0.2%. Hong Kong’s Hang Seng index lost seven points, but was unchanged percentage-wise.  Shanghai’s Composite index closed 0.5% lower. South Korea’s KOSPI index fell 0.9%, and the TSEC index in Taiwan ended the trading session 0.2% lower.   The Sensex in India is down 0.6% in late afternoon trading. U.S. drugmaker Eli Lilly said Tuesday that clinical trials of its experimental coronavirus antibody treatment were being paused for safety reasons.  Another U.S. pharmaceutical giant, Johnson & Johnson, revealed the day before that it was putting a hold on a late-stage trial of a potential vaccine after a participant became ill. In commodities trading, gold was selling at $1,899.80, up 0.2%.  U.S. crude oil is selling at $39.98 per barrel, down 0.5%, and Brent crude oil is trading at $42.25 per barrel, down 0.4%.   All three major U.S. indices are trending positively in futures trading. 

October 14th, 2020 by
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