GLOBAL MARKETS-Asian stocks dip as virus spread tamps vaccine hopes

By Lawrence Delevingne
BOSTON, Nov 12 (Reuters) - Stocks in Asia were poised to
pull back after markets in the United States and Europe sold off
on concerns over rising coronavirus infections.
Australian S&P/ASX 200 .AXJO shares dipped 0.12% in early
trading. Hong Kong's Hang Seng index futures HSIc1 lost 0.16%,
while Japan's Nikkei 225 futures NKc1 added just 0.22%.
"Sentiment sagged overnight, amid rising Covid cases,
warnings from Fed Chair Powell, and further setbacks in US
stimulus talks," Westpac strategists for New Zealand and
Australia wrote in a note Friday.
New U.S. COVID-19 infections hit fresh records and were
above 100,000 for an eighth consecutive day, according to a
Reuters tally. U.S. Federal Reserve Chair Jerome Powell said on Thursday
during a discussion with other central bankers that progress in
developing a coronavirus vaccine was welcome news but that
near-term economic risks remain as infections accelerate,
underscoring the likely need for additional government stimulus.
On Thursday, top Democrats in the U.S. Congress urged
renewed negotiations over a multitrillion-dollar coronavirus aid
proposal, but the top Republican immediately rejected their
approach as too expensive, continuing a months-long impasse.
Wall Street dropped in a broad sell-off. The blue-chip Dow
.DJI was pulled down by industrial and financial companies
sensitive to economic growth, with Boeing Co BA.N and Goldman
Sachs GS.N down 3% and 1.6%, respectively.
The Dow Jones Industrial Average .DJI fell 317.46
points, or 1.08%, to 29,080.17 and the S&P 500 .SPX lost 35.65
points, or 1.00%, to 3,537.01. The technology-heavy Nasdaq
Composite .IXIC fared slightly better, dropping 76.84 points,
or 0.65%, to 11,709.59.
The pan-European STOXX 600 index .STOXX lost 0.88% and
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
0.62%.
U.S. Treasury yields also sank on Thursday, weighed down by
the persistent rise in coronavirus cases and data showing
inflation remained benign in the world's largest economy. The
U.S. yield curve, viewed in part as a gauge of risk appetite,
also flattened. The U.S. dollar held steady on Thursday as investors were
cautious over expectations about a COVID-19 vaccine.
The Australian dollar was flat versus the greenback at
$0.723 and the Japanese yen strengthened 0.02% versus the
greenback at 105.11 per dollar.
Oil prices fell on Thursday on virus-linked economic fears
and an unexpected rise in U.S. crude stockpiles. U.S. crude
CLc1 recently fell 0.71% to $40.83 per barrel and Brent
LCOc1 was at $43.27, down 1.21% on the day. Spot gold XAU= was flat at around $1,875 an ounce.

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