Investors in the UK and the USA are highly concerned over the fall of the Asian stock market on Tuesday due to the rise in Corona cases.
The largest drop in shares in three months was recorded in Australia. Stock markets in China, South Korea, and Hong Kong suffered miserably
While the stock market in the USA and the United Kingdom bore huge losses on Monday. This is because of the circulating news regarding the rise of corona cases and its subsequent impact on the economy.
More than € 50 billion swept away from the UK stocks and a similar fall was observed across the major USA and European stocks.
Australian industries face huge pressure from mining and energy sectors which has led to shares falling at their lowest.
Along with the issue of the stock market, some major problems also prevail in the market.
China and the USA are the prime competitors in the tech market. As per market strategist at Sydney, Stephen Innes, both these nations play battle for dominance at various occasions.
The election is expected soon with its debate to take place on the 29th of this month. This may further fuel things up.
Recently, European bank stocks were affected because of allegations of money laundering circulated by leaked files. This fall in European stocks had a great impact on Asian trading as well.
HSBC has been the core of this scandal, but on Monday bank claimed that share price has dropped to 5.3%. However, it was surprising to witness that shares of all other major banks have also dropped at a similar rate.
It is the first time in 25 years that HSBC shares have dropped to this level and even in Hong Kong the situation has lingered with a further drop of 2%. This is believed to be the lowest ever to achieve in 18 years in Hong Kong.
Among other banks, UK’s Standard Chartered was also listed in the leaked file. Shares from the standard charted have also dropped at a rate of 2.6% on Tuesday.
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