Asian shares, oil hit by coronavirus risks to outlook

Asian shares, oil hit by coronavirus risks to outlook

Stocks in Tokyo slumped by 1.95% due the growing likelihood that Tokyo, Osaka and surrounding areas will be put on lockdown due to a new wave of coronavirus infections.S&P 500 e-mini stock futures also fell 0.18%.Crude futures extended declines from a one-month high on speculation that coronavirus restrictions in India, the world's third-largest oil importer, will hurt energy demand. Recent optimism about rising vaccination rates in the United States, Britain, and Europe is shifting to concern that record coronavirus infections in India and the reinforcement of travel restrictions will act as a brake on the global economy."Renewed concerns about the global economic recovery weighed on commodity prices and commodity currencies. Many countries around the world, such as India and Brazil, set new records for infections and deaths," analysts at Commonwealth Bank of Australia said in a research note."As long as the virus persists, there is a risk virus mutants develop and spread to other countries."Declines in Asian shares followed a downbeat day on Wall Street. The Dow Jones Industrial Average fell 0.75%, the S&P 500 lost 0.68%, and the Nasdaq Composite fell 0.92% on Tuesday as investors sold airlines and travel-related shares due to fear of a delayed recovery in global