Stocks in Asia Pacific dipped on Wednesday morning as caution remained over a recent resurgence in coronavirus cases in certain countries regionally as they start to reopen their economies.
South Korea’s Kospi declined 0.34%.
Meanwhile, shares in Australia also traded lower, as the S&P/ASX 200 fell 1.52%.
Overall, the MSCI Asia ex-Japan index traded 0.64% lower.
Developments on the coronavirus front likely continued to weigh on investor sentiment. Globally, more than 4.2 million people have been infected while at least 287,158 lives have been taken, according to data compiled by Johns Hopkins University.
Stateside, Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said Tuesday a vaccine will be essential in stopping the coronavirus spread, but warned it will be a while before a usable one is available. He also cautioned that the U.S. could risk additional outbreaks if states start to reopen too quickly.
In Asia, where the coronavirus first hit, several countries including China and South Korea have experienced an uptick in cases after restrictions were eased.
Overnight on Wall Street, the Dow Jones Industrial Average closed 457.21 points lower at 23,764.78 while the S&P 500 dropped about 2.1% to end its trading day at 2,870.12. The Nasdaq Composite also fell more than 2% to close at around 9,002.55.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 99.966 after trading above and below the 100 mark so far this week.
What’s on tap for Wednesday:
- Japan: Sony earnings for fiscal year 2019
— CNBC’s Fred Imbert and Yen Nee Lee contributed to this report.