Asian Stocks fall as investors eye EU meeting on pandemic

TOKYO — Asian stocks were mostly lower Monday as investors carefully approached the summit of European leaders talking the pandemic catastrophe and coronavirus instances continued to soar at the U.S.

Hong Kong’s Hang Seng increased 0.1% greater to 25,101.57, although the Shanghai Composite gained 2.6percent to 3,298.50.

European Union leaders have been led into the fourth day of talks without reaching an agreement in an unparalleled 1.85 trillion-euro ($2.1 trillion) EU funding and coronavirus retrieval finance to tackle the crisis.

Japan reported commerce data demonstrating exports dropped 26.2percent in June from a year before. Japan’s trade-reliant market has become recession and its particular outbreaks of COVID-19 instances, although still fewer compared to the hardest-hit countries, have been rising lately, particularly in Tokyo.

“Asia markets are seeking to some muted start to the week, caught between developing COVID-19 instances around the globe whilst appearing to the collection of earnings releases this week,” explained Jingyi Pan, a market strategist in IG at Singapore.

Corporate earnings and U.S. unemployment statistics will be expected to attract the most attention in the upcoming week, analysts said.

Wall Street closed out its third consecutive winning week Friday, as hopes grew the market can continue to secure itself despite a worsening of this pandemic and moves into shut bars and several other places to help curb increasing diseases.

The S&P 500 climbed 0.3percent to 3,224.73 after another day of rickety trading. The Dow Jones Industrial Average slipped 0.2percent to 26,671.95, although the Nasdaq composite added 0.3 percent, to 10,503.19.

Reports showed that a strengthening at U.S. home construction action but also a weakening in consumer opinion. They are the most up-to-date in a flow of information which has shown how unsure the route is for the market, as the ongoing increase in coronavirus counts threatens to reverse improvements that appeared to have taken root in the market.

Underpinning the rallies has been an enormous help for the market and near-zero interest rates in the Federal Reserve.

Benchmark U.S. crude dropped 20 cents to $40.39 a cone. Brent crude, the worldwide standard, dropped 20 cents to $42.90 a cone.

The U.S. dollar was trading in 107.38 Japanese yen, up marginally from 107.13 yen Friday. The euro inched around $1.1420 from $1.1408.