Hong Kong Stocks Down, Oil Prices Climb

Hong Kong shares went into the break slightly lower on Friday following a string of data highlighting the deep economic impact of the virus crisis and offsetting another rally in oil prices.

The Hang Seng Index dipped 0.3 percent, to 23,911.

On the mainland, the Shanghai Composite Index lost 0.6 percent, to 2,820, while the Shenzhen Composite Index slipped 0.8 percent, to 1,748.

Tokyo stocks ended the morning 0.8 percent lower, while Seoul dropped 0.7 percent.

Singapore and Manila dropped more than 1 percent, while there were also losses in Taipei and Jakarta, though Sydney rose.

JP Morgan Asset Management strategist Hannah Anderson warned that while news that some countries were moving to ease lockdowns and the virus was growing at a slower rate, there were still dangers ahead.

"It is important to not conflate medical and economic data," she said in a note. "Obviously a deceleration in infection rates is a positive development for the economy, but progress in combating this awful disease is not the same as returning the economy to the place it was last fall.

"Investors need to understand that the risks associated with lifting public health measures too early could further exacerbate market pain."

While stock markets were struggling, oil was enjoying another day of gains, with WTI up more than 7 percent having surged around 20 percent on Thursday on the back of a new flare-up between Washington and Tehran. (AFP)

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