Stocks Face Volatility as Reopening-Economy Hype Slows Down, COVID Cases Continue to Rise

Stocks in Asia had mixed sessions on June 10, 2020, as Dow Jones snapped a 6-day winning streak last night and investors were waiting for China’s inflation data on Wednesday.

 

As of 08:45 local time in Thailand (GMT+7), Nikkei shedded 0.09%, SSEC dropped 0.29%, HSI gained 0.49%, ASX 200 rose 0.18% and Kospi advanced 0.14%.

Overnight, Dow Jones snapped its 6-day winning streak with a loss of 300.14 points or 1.09% to settle at 27,272.30 points. S&P 500 dropped 0.78%, but Nasdaq extended its gain with 0.29% to record its all-time high as investors returned to focus on tech stocks.

 

The buying pressure in global markets started to slow down from positive sentiment over the reopening economy after a week-long rally in stock markets last week with some leftover on Monday.

Chinese inflation data for May is scheduled to be released today, along with the Consumer Price Index and Producer Price Index for the month.

Still, coronavirus cases keep rising at a higher rate with a record of 7.2 million cases and 409,490 deaths as of June 9, 2020.