stock market

A spike in coronavirus infections has forced fresh lockdowns and sparked worries about the impact on the world economy.

With the disease showing little sign of being fully controlled until a vaccine is created, economic recoveries and a months-long global markets rally are sputtering.

With one eye on developments on Capitol Hill, Asian equities were moving in and out of positive territory.

An index of US consumer sentiment last week showed it hit a three-month low in July.

Nervousness continues to permeate trading floors as infections spike around the world.

Asia tracked the New York losses, with profit-taking also playing a part after a broadly strong week.

Markets have surged about a fifth from their March lows, thanks to the easing of lockdowns.

Worries about second-wave states appear now to be last week's news.

Oil prices dipped after a healthy advance on Friday.

Asian investors leary as signs of recovery offset by fears of second wave.

Beijing carried out mass testing after 36 of China's 57 new cases were linked to a wholesale food market.

Governments in Europe and Asia have become confident enough to lift containment measures.

Adding to the broadly positive outlook is optimism about progress on a vaccine.

US biotech firm Moderna reported "positive interim" results in early testing of a vaccine candidate.

The easing of restrictions was providing a much-needed boost to oil markets.

New York Governor Andrew Cuomo said that a first stage of a reopening would start on May 15 if hospitalisations decrease.

Investors are keeping an eye on Washington, where Congress and the White House are working towards a $450 billion economic relief plan.

The woes on Wall Street discouraged traders in Asia.

Attention this week will be on a planned meeting of OPEC and other key crude producers.

Equity markets continue to be whipsawed by the disease, which has now infected almost 170,000 people and killed more than 6,000.

The virus has infected more than 130,000 people and killed nearly 5,000.

On currency markets the dollar fell back against high-yielding, riskier units after surging Monday.

Growth forecasts for the first quarter of 2020 and the year as a whole have been lowered by most economists.

China has been praised by the WHO for its transparent handling of the outbreak.

The virus has jolted major supply chains for everything from food and household supplies to car and electronics parts.

Heading into the weekend, dealers were taking a step back after the week's strong gains across the world.

Markets cheered China's announcement that it would halve levies on $75 billion worth of US imports after the two last month signed their mini trade deal

World Bank head David Malpass said the group plans to lower its global growth forecast owing to an expected hit to China.

Having dived nearly eight percent on Monday, Shanghai stocks were up 0.7 percent in early trade.

Oil prices hit 13-month lows at the start of Asian trading.