Asian shares stumbled on Monday and oil prices slipped as fears of a second wave of corona virus infections in Beijing sent investors scurrying for safe-havens while underwhelming data from China further weighed on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3% with Australian shares off 0.1% and South Korea easing 0.3%. Japan's Nikkei faltered 0.7%. Chinese shares opened in the red with the blue-chip CSI300 index down 0.1%.
Monday's losses follow a strong rally in global equities since late March, fuelled by central bank and fiscal stimulus and optimism as countries gradually lifted restrictions put in place to curb the spread of the novel corona virus.
Risk sentiment took a knock after Beijing recorded dozens of new COVID-19 cases in recent days, all linked to a major wholesale food market. Authorities have closed the centre and locked down nearby housing districts.Investors are also fretting over a spike in cases in the United States where more than 25,000 new cases were reported on Saturday.
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