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Latest Global economic fears, coronavirus resurgence drive Asian shares down

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SYDNEY – Asian shares slipped on Monday on fears the global economy may sputter for a while due to a resurgence of coronavirus infections in Europe, while fading hopes for U.S. fiscal stimulus also weighed.

SONY DENIES MAKING MILLIONS OF FEWER PS5 CONSOLES THAN PLANNEDMost major Asian indexes were in the red and MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.6% weaker at 565.75.

Australia’s .AXJO benchmark index slipped 0.7% while New Zealand’s .NZ50 faltered 0.8%.

“While the economic recovery continues, momentum is clearly slowing,” Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, wrote in a note.

We have diminishing prospects of fiscal stimulus, crazy valuations and a firm focus on an ugly U.S. election and COVID shutdowns, which suggest short-term risks for equities,” said Pepperstone strategist Chris Weston.

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