Asian shares unsteady on virus surge, corporate earnings eyed

Asian shares performed unsteadily on Wednesday. This followed after an increase in new coronavirus cases in some parts of the world dampened investors’ optimism over a possible recovery in the economy. Meanwhile, oil prices eased on oversupply concerns.

MSCI’s broadest index of Asia-Pacific shares outside Japan declined after recording its 4-1/2 month high last Tuesday. Chinese shares swung sharply between green and red while Australian shares dropped 0.4%.  New Zealand and South Korea’s indexes also fell as Japan’s benchmark Nikkei shed 0.1%. Hong Kong’s Hang Seng index was slightly firmer.

E-mini futures for the S&P 500 advanced 0.18%. However, U.S. stocks dropped overnight, ending a five-day winning streak of the benchmark S&P 500 index. This came to be its longest rally this year brought by better-than-expected economic data.