Asian shares, oil slump as coronavirus fears take hold

Asian shares fell sharply on Friday after Wall Street and oil tumbled over growing concerns that a resurgence of coronavirus infections could stunt the pace of recovery in economies reopening from lockdowns.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid 1.3%. Australian stocks dropped 1.74%, while shares in China fell 0.67%.

Oil futures slumped for a second consecutive trading session due to worries about weak global energy demand, which weighed on the currencies of oil producers and countries that rely on exporting commodities.

The Chinese yuan headed for its biggest daily decline in two weeks, underscoring investors’ risk-averse mood in Asia.