Stocks open lower on Wall Street but they're still on track for a weekly gain.
A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 1, 2020. Shares have dropped in Asia after Wall Street ended its best month in 33 years with losses on fresh news of economic carnage from the coronavirus pandemic.
Australia’s S&P/ASX 200 plunged 5% to 5,245.90 with heavy losses in miners and banks. A measure of Australian manufacturing showed activity contracting at its worst pace since 2009. That, coupled with news overnight that millions more Americans applied for unemployment benefits in April, darkened the mood after a relatively strong April.
“If we relax the measures with insufficient decrease, infections will immediately bounce back and our effort so far will entirely go to waste,” said the minister, Yasutoshi Nishimura. “The experts recommended that the current measures should be kept in place.” “Maybe it was the whole month-end malaise, or maybe they just need to hear something new and impactful, and that we’re ultimately seeing buying fatigue,” Chris Weston of Pepperstone said in a commentary.
With world travelers still mostly grounded by pandemic precautions, each day brings fresh shocks from the crisis.
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