HSI Flat, Asian Markets Slip Over New Virus Cases

Hong Kong stocks went into the break barely moved on Wednesday, having recovered early losses, though investors remain on edge over a possible second wave of virus infections as lockdowns are eased around the world.

The Hang Seng Index inched up just over a point to 24,247.

On the mainland, the Shanghai Composite Index eased 0.2 percent to 2,886, while the Shenzhen Composite Index on China's second exchange edged up 0.1 percent, to 1,812.

Most Asian markets fell after Donald Trump's top virus adviser warned that easing lockdown measures too early could spark another dangerous wave of infections and batter the economic recovery.

Tokyo ended the morning down 0.8 percent, while Sydney shed 0.9 percent. There were also losses in Seoul, Singapore, Manila, Jakarta and Wellington.

"Markets' positive take on the recovery, after unprecedented fiscal and monetary stimulus, will be put to the test," Alexander Kraemer, head of cross-asset strategy at Commerzbank AG, wrote in a note. 

"Market participants await confirmation that the economy will indeed start to return to normalcy" in the second half of the year. (AFP)

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