Shares drop in Asia after Wall Street ended its best month in 33 years with losses on fresh news of economic carnage from the coronavirus pandemic. Tokyo and Sydney declined, while other regional markets were closed for May Day holidays.
A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 1, 2020. Shares have dropped in Asia after Wall Street ended its best month in 33 years with losses on fresh news of economic carnage from the coronavirus pandemic.
“Maybe it was the whole month-end malaise, or maybe they just need to hear something new and impactful, and that we’re ultimately seeing buying fatigue,” Chris Weston of Pepperstone said in a commentary. The month’s gains for stocks came in the face of mayhem in the oil market, where prices in one corner dipped below zero for the first time, and as investors continued to rush into U.S. government bonds in search of safety. Reports piled up by the day showing the severe hits the economy is taking from widespread stay-at-home orders meant to slow the spread of the virus.
The U.S. jobless figures brought the total to 30 million in just six weeks, while consumer spending plunged a record 7.5% in March from the prior month. That’s crucial for an economy where consumer spending makes up 70% of the total.
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