• By The Financial District

ASIAN SHARES MOSTLY LOWER DUE TO COVID, CAPITOL RIOT

Asian stocks were mostly lower on Tuesday, tracking Wall Street declines as political turmoil in Washington and rising coronavirus cases worldwide weighed on sentiment ahead of the start of the quarterly earnings season, Chibuike Oguh reported for Reuters.

Political uncertainty dominated trading as House Democrats introduced a resolution to impeach US President Donald Trump, accusing him of inciting insurrection following a violent attack on the Capitol last week.


Several big tech giants, including Twitter Inc, Amazon.com Inc, Alphabet Inc, Facebook Inc and Apple Inc, have taken actions against Trump and his network of supporters, as concerns mounted over the risk of continued violence. Twitter’s stock tumbled 6.4% on Monday after the micro-blogging site permanently suspended Trump’s account last Friday.


Japan’s Nikkei slipped 0.48%, South Korea’s KOSPI fell 0.91% and Hong Kong’s Hang Seng index futures lost 0.54%. Defying the broader selloff, Australia’s S&P/ASX 200 rose 0.24%.


On Wall Street, the Dow Jones Industrial Average fell 0.29%, the S&P 500 lost 0.66% and the Nasdaq Composite dropped 1.25%.


Investors are expecting guidance on the extent to which executives see a rebound in 2021 earnings and the economy from results and conference calls from JP Morgan, Citi and Wells Fargo Friday.


Meanwhile, longer-term Treasury yields were at their highest since March before new long-dated supply coming this week and on speculation of more U.S. fiscal stimulus as Democrats will have control of Congress and the White House.


The US dollar index rose 0.256%, with the euro down 0.54% to $1.2152. The Japanese yen weakened 0.24% versus the greenback at 104.20 per dollar, while Sterling was last trading at $1.3516, down 0.35% on the day. Crude oil prices fell, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns across the globe, as well as the stronger dollar.



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