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Asia-Pacific declines as South Korea falls more than 2%

Stocks in the Asia-Pacific fell during trading Friday afternoon after an overnight stay on Wall Street amid fears of a second wave of coronavirus pandemic revival.

South Korea’s Kospi led to losses among the region’s major markets, dropping by about 2% to close at 2,132.30 when shares in car manufacturer Hyundai Motor fell 4.61%. The Kosdaq index also fell around 1.45% to 746.06.

Over in Hong Kong, the Hang Seng index fell 1.08% in the afternoon when HSBC̵

7;s shares fell 1.59%. Chinese stocks on the mainland also edged lower, with the Shanghai Composite closing almost flat at 2,919.74, while the Shenzhen component rose marginally to close at 11,251.71.

In Japan, Nikkei lost 225 0.75% to 22,305.48 while the Topix index fell 1.15% to close at 1,570.68.

At the same time, Australia’s S & P / ASX 200 fell 1.89% to close at 5,847.80.

Overall, MSCI Asia’s ex-Japan index traded 1.51% lower.

“The market needed a breather,” Shaw and Partners Senior Investment Advisor Adam Dawes told CNBC’s “Street Signs” on Friday. “We are very confident and comfortable with a decline because … something is needed going forward.”

“For the Australian market and for Asia’s markets, this is a really good return,” Dawes said. “” It is now starting to give us some good opportunities to retrieve some stocks that we have previously missed. “

On Friday, investors saw the reaction to the US downturn overnight, which saw shares hit by their biggest one-off stop since March. The Dow Jones industrial average plunged 1,861.82 points, or 6.9%, to close at 25,128.17. The S&P 500 fell 5.9% to 3,002.10, while the Nasdaq Composite fell 5.3%. to end the day at 9,492.73

“Yesterday’s new infection number brought the total number of US COVID19 cases to over two million, with a number of local hotspots – 18 states are seeing an increase, including Arizona, Florida, Texas and parts of California. And globally, Wednesday’s new fall load of 135,000 is highest daily number so far, “wrote Ray Attrill, Head of Currency Strategy at the National Australia Bank, in a note.

“Whether the latest COVID-19 news loses concern over new lockdowns with everything that involves economic activity, or (and perhaps more realistically, at least in the US) a longer period of cautious consumer behavior, is undoubtedly a factor behind the powerful the cases in stock, “Attrill said.

Oil prices are slipping

Oil prices fell further in the afternoon during Asian trading hours, with international benchmark Brent commodity prices up 3.32% to $ 37.28 per barrel. US crude futures also fell 3.60% to $ 35.04 per barrel.

The US dollar index, which tracks the greenback against a basket of their peers, was at the latest at 96,762 after rising from levels around 96 previously.

The Japanese yen was trading at 107.07 per dollar after seeing a previous high of 106.57. The Australian dollar was at $ 0.6858 after falling from levels above $ 0.669 observed during the previous trading day.

– CNBC’s Fred Imbert contributed to this report.

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