Asia shares fall on coronavirus drug, economic damage concerns

TOKYO/WASHINGTON - Asian shares and US stock futures fell on Friday , spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of US economic damage caused by the coronavirus pandemic.

The markets' sensitivity to news related to the medical treatment of COVID-19 reflected investors' desperation for a sign of when the global economy might start returning to normal, Tim Ghriskey, chief investment strategist at New York-based wealth management firm Inverness Counsel. The US House of Representatives on Thursday passed a US$484 billion bill to expand federal loans to small businesses and hospitals overwhelmed by patients. President Donald Trump, who has indicated he will sign the bill, said late Thursday that he may need to extend social distancing guidelines to early summer.In Japan, shares in the Nikkei stock index slid 0.86 per cent amid lingering concern about the spread of infections before the Golden Week public holidays.

Oil prices extended a tentative rebound from a price collapse this week that pushed US crude futures into negative for the first time ever, but investors remain concerned about weak energy demand and excess supplies of crude.

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