Asian stocks fall on concerns about fresh lockdowns, banking sector
By Suzanne Barlyn NEW YORK (Reuters) - Asian shares opened weaker on Tuesday on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks. JPMorgan Chase & Co and Bank of New York Mellon Corp on Monday fell 3.1% and 4.0%, respectively, while HSBC Holdings Plc and Standard Chartered Plc hit 25-year-lows on reports that they and others moved funds despite red flags about the origins of the money.
By Suzanne Barlyn
NEW YORK (Reuters) - Asian shares opened weaker on Tuesday on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks.
JPMorgan Chase & Co
"The question is whether or not the residue of that impacts the performance of regional financials," said CommSec market analyst Tom Piotrowski in Sydney. "Certainly, HSBC shares will be looked at very closely as far as the Asian session is concerned."
On Wall Street, the Dow Jones Industrial Average <.DJI> fell 1.84%, the S&P 500 <.SPX> lost 1.16%, and the Nasdaq Composite <.IXIC> dropped 0.13%.
U.S. stocks have tumbled over the past three weeks as investors dumped heavyweight technology-related stocks following a stunning rally that lifted the S&P 500 and the Nasdaq to new highs.
Emerging market stocks lost 1.64%. MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> closed 1.26% lower.
In Asia, Australia's S&P/ASX 200 <.AXJO> declined 0.5% while South Korea's Kospi <.KS11> fell 0.9%. Japan is closed for a public holiday.
Hong Kong's Hang Seng index futures <.HSI><.HSIc1> were down 0.36%.
E-mini futures for the S&P 500
The dollar index <=USD> rose 0.639% as the euro
New pandemic measures in the UK set off declines in airline, hotel and cruise companies in both European and U.S. markets, spurring fears about further restrictions.
A new round of pandemic business restrictions would threaten a nascent recovery and further pressure equity markets.
The U.S. Congress has also for weeks remained deadlocked over the size and shape of another coronavirus-response bill, on top of the roughly $3 trillion already enacted into law.
The death of U.S. Supreme Court Justice Ruth Bader Ginsburg appeared to make the passage of another stimulus package in Congress less likely before the Nov. 3 presidential election, sparking large declines in the healthcare sector.
U.S. President Donald Trump said he would put forward his nominee on Friday or Saturday and called upon the Senate, controlled by his fellow Republicans, to vote on confirmation ahead of the election.
Investors were also keeping a close eye on China tensions.
China's ByteDance and Oracle Corp
ByteDance was racing to avoid a crackdown on its popular short-video app after the U.S. Commerce Department said on Friday it would block new downloads and updates to the app.
Taiwan said on Monday its armed forces have the right to self-defence and counterattack amid "harassment and threats", in an apparent warning to China, which last week sent numerous jets across the mid-line of the sensitive Taiwan Strait.
In commodity markets, U.S. crude
(Reporting by Suzanne Barlyn; Editing by Sam Holmes)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.