- Asian stocks struggled for headway on Wednesday as the second half of the year got underway, with improving economic data offset by worries that surging coronavirus cases in the United States could derail the world’s recovery before it properly begins.Following firm U.S. housing data and signs of a rebound in Europe’s economy, the latest boost to sentiment came from Chinese factory activity gathering steam in June, with the Caixin/Markit manufacturing PMI rising to 51.
Japan’s Nikkei slipped 0.2%, though, U.S. stock futures fell 0.3% and gold sat close to an eight-year peak, pointing to elevated caution. Coronavirus cases more than doubled in 14 U.S. states last month, a Reuters analysis showed, and fears are growing that the caseload could prompt fresh lockdowns. “The rise in COVID-19 infections is now triggering a reversal on the reopening strategy,” said Rodrigo Catril, senior FX strategist at National Australia Bank in Sydney.The U.S. government bond market remains in a cautious mood. Yields on benchmark 10-year government debt rose overnight to 0.6774%, but finished the quarter steady.
Currency markets were in a holding pattern ahead of the next slew of data due to provide a snapshot of the U.S. recovery.
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