GLOBAL MARKETS-Asian stocks set to fall as Wall St snaps 3-day winning streak

By Katanga Johnson
WASHINGTON, June 17 (Reuters) - Asian stocks were set to dip
on Thursday after a choppy Wall Street session as spiking
coronavirus cases and prospects of new lockdowns erased earlier
confidence about a global economic recovery.
Optimism about a quick economic comeback has been tempered
by more global cases of the coronavirus, with an outbreak in
Beijing and a rising infections in U.S. states that are
reopening their economies. "A cautious tone has re-emerged in markets amid a quiet
night for data," Tapas Strickland, a director at the National
Australia Bank, said in a note. "Markets are still trying to
grapple with the implications of rising coronavirus infections
and hospitalization rates in the southern parts of the U.S.
given there is a high bar to re-impose lockdowns."
Australian S&P/ASX 200 futures YAPcm1 were down 0.6%,
while Japan's Nikkei 225 futures NKc1 were off 0.02%.
Hong Kong's Hang Seng index futures .HSI .HSIc1 were
down 0.23%.
U.S. Treasury yields edged lower and crude prices fell on
concerns over the fresh outbreaks, but drew some support from
stimulus measures and positive tests of a drug trial for
dexamethasone that could save some critically ill COVID-19
patients.
The dollar rose from early lows as investors wary of wider
geopolitical risks sought its relative safety, but pared gains
by the session's end.
Rising tensions between North Korea and South Korea spurred
demand for safe-havens, as did clashes between Indian and
Chinese troops at a disputed border site. "This can all change as the market is very sensitive to
headline risk," said Brian Battle, the trading director
Performance Trust Capital Partners in Chicago.
"Don't confuse lack of volatility with stability. The market
is very unstable with news of the virus outbreak worsening,
which could lead to less global trade. But news of no second
coronavirus wave in the U.S. could lead to a smoother recovery."
On Wall Street, The Dow Jones Industrial Average .DJI fell
0.65% while the S&P 500 .SPX lost 0.36%.
Both U.S. indexes opened modestly higher, waffled throughout
the morning and turned positive in afternoon. By the final hour
of trading, however, both indexes had slipped.
The Nasdaq Composite .IXIC , which continued to trade
higher before paring its gains, added 0.15%, by the closing
bell.
The pan-European STOXX 600 index .STOXX closed up 0.74%
while emerging market stocks rose 0.48%.
Oil prices swung in and out of the red amid an increase in
U.S. crude inventories.
The dollar index =USD rose 0.11%, with the euro EUR=
down 0.05% to $1.1237. The Japanese yen strengthened 0.06%
versus the greenback at 106.91 per dollar, while Sterling GBP=
was last trading at $1.2547, down 0.06% on the day.
Benchmark 10-year notes US10YT=RR yielded 0.7331%, from
0.733% late on Wednesday. The 10-year German Bund DE10YT=RR
rose 0.7 basis point to yield -0.418. GVD/EUR
U.S. crude CLc1 recently fell 0.55% to $37.75 per barrel,
while Brent LCOc1 was flat on the day.
U.S. gold futures GCcv1 gained 0.05% to $1,730.00 an
ounce.

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