Shares Fall in Asia, Ignoring Data

Asian shares and US stock futures fell on Thursday, due to concerns about the trade tension between the United States and China and the economic cost of the Covid-19 waves.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell by 1.18%, while Tokyo’s Nikkei fell 0.74%.

Shares in China fell 1.59% and Australian stocks shed 0.9% after the country’s jobless rate jumped to the highest since the late 1990s. Oil futures also declined after OPEC and its allies agreed to scale back output cuts, renewing concerns over excess supply.

U.S. Secretary of State Mike Pompeo on Wednesday said the United States would impose visa restrictions on some Chinese companies like Huawei that he accused of facilitating human rights violations.