Equities fall on U.S. tech rout, oil plunges on demand concern

Asian share markets declined on Wednesday, while oil prices recorded lows last monitored in June. The series of declines came after a selloff in technology shares dragged Wall Street for three consecutive days and a major drugmaker postponed vaccine trials.

MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 1.06% decline. Australian shares dropped 2.47%, while Chinese shares shed 1.53%. Japan’s benchmark index Nikkei plunged 1.12%.

E-mini futures for the S&P 500 salvaged losses as it jumped 0.25%. Futures for the Nasdaq gained 0.83%, while futures for the Eurostoxx 50 were 0.03% lower. German DAX futures plunged 0.14% as FTSE futures shed 0.29%.

Investors’ sentiment for equities and other risk-prone assets was dampened after AstraZeneca Plc postponed a late-stage trial for vaccine development. The delay followed after an unexplained disease was monitored in a participant of the study.