A mask covers the ‘Fearless Girl’ statue in New York City’s financial district.
Photo: eduardo munoz/ReutersWorld stocks traded modestly lower, as signs of the coronavirus pandemic’s impact on jobs and business activity weighed on markets.
By late morning Hong Kong time on Friday, Japan’s Nikkei 225 had fallen 0.8% while South Korea’s Kospi Composite eased 0.6%. China’s benchmark Shanghai Composite edged down by 0.6%, while Hong Kong’s Hang Seng Index lost 0.4%.
Australia’s benchmark S&P/ASX 200 bucked the trend, rising 0.7%. E-mini S&P 500 futures declined 0.7%.
U.S. stocks had a turbulent session on Thursday, closing flat after early gains were wiped out by reports of a setback for a key drug to treat Covid-19.
“The market has been getting its head around how much permanent damage is to be brought by the virus. And the latest figure tells us the U.S. labor market is in a bloodbath,” said Govinda Finn, an economist at Aberdeen Standard Investments.
Data published Thursday showed about 4.4 million Americans sought unemployment benefits last week, bringing the total claims for the past five weeks to more than 26 million.
Separate figures showed business activity, as measured by surveys of purchasing managers, plunged in the U.S., Europe and Japan.
Mr. Finn said his institution projected U.S. unemployment would peak at 19% by the middle of this year, as the pandemic was battering the economy much more quickly than the global financial crisis.
Layoffs directly hit consumption, while social distancing is also discouraging spending. And the size and persistence of the shock will cause some permanent scarring to the U.S. economy, with consumption accounting for roughly 70% of GDP, he said.
The yield on the 10-year U.S. Treasury note fell by 0.023 percentage point to 0.590%. Yields move in the opposite direction to bond prices.
Oil prices extended a rebound that began Wednesday. U.S. crude-oil futures for June delivery added 6.9% to $17.64 a barrel. Brent crude, the global gauge, rose 4.4% to $25.88.
Write to Xie Yu at Yu.Xie@wsj.com
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