Asian stocks: Mildly negative as US futures fail to carry Wall Street gains, S&P warns

• Asian stocks fail to carry the previous day’s recovery moves.
• The US, Europe futures register losses despite Wall Street’s upbeat performance on Tuesday.
• S&P forecasts Asia-Pacific growth to halve while US Treasury Secretary anticipates a spike in Unemployment Rate to 20% if no action is taken.
• Global measures to fight against the pandemic will provide fresh impulse.

Despite Wall Street’s positive bounce the previous day, the US and European stock futures continue to exert downside pressure on the Asian equities during early Wednesday. Also on the negative side were the global rating giant S&P’s estimations that the Asia-Pacific growth will more than halve in 2020 as well as the US Treasury Secretary Steve Mnuchin’s comments that inaction could propel unemployment to 20%.

That said, the MSCI’s gauge of Asia-Pacific shares outside Japan flash 0.65% loss while heading into the European session whereas Japan’s NIKKEI erodes the early-day gains worth more than 1.5% with the present declines to 16,680, down -1.90%.

Shares in China mark near 1.0% losses amid speculations of downbeat growth figures, while those from India stay 1.6% in red zone by the press time as Reuters, conveyed, depending upon the sources, that the Indian government dumps crucial policy initiatives as revenues shrink.

Indonesia’s IDX carries the losses to early-2015 lows around 4,400 while South Korea’s KOSPI slumps more than 3.0% to 1,620 as the Asian nation’s government and Bank of Korea join hands to fight against the virus.

The US 10-year treasury yields remain above 1.000% while bonds in Australia also benefit from the government’s further directives ahead of tomorrow’s big day.