Asian Stocks mixed as investors eye EU meeting on pandemic

TOKYO — Asian stocks were mixed into directionless trading Monday as investors carefully approached the summit of European leaders talking the pandemic catastrophe, as coronavirus cases jumped from the U.S.

Japan’s benchmark Nikkei 225 recouped earlier losses to complete less than 0.1percent greater at 22,717.48. South Korea’s Kospi was little altered, dipping less than 0.1percent to 2,199.89. Hong Kong’s Hang Seng increased 0.1% greater to 25,108.02, while the Shanghai Composite gained 3 percent to 3,311.52.

Talks between European Union leaders failed to achieve an agreement in an unparalleled 1.85 trillion-euro ($2.1 trillion) EU budget along with a coronavirus recovery finance to tackle the crisis. They had been expected to meet again Monday about the fourth day of a summit that started Friday.

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 a muted start to this week, caught between rising 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.

Back in India, a fresh record explosion of 40,425 reported instances in the previous 24 hours required the country’s cumulative total to over 1.1 million. India also had yet another 681 deaths, taking its overall fatalities to 27,497.

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 revealed a strengthening in 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 have been an enormous help for the market and near-zero interest rates in the Federal Reserve.

Benchmark U.S. crude dropped 23 cents to $40.36 a cone. Brent crude, the global standard, dropped 27 cents to $42.87 a cone.

The euro inched around $1.1461 from $1.1430.