“The rebound in infection rate, especially in the US, shows that the road to full recovery will be a long one and will require medical solutions, such as a vaccine,” said Tai Hui, Asia’s chief market strategist for JP Morgan Asset. Management wrote in a note on Monday.
The situation in the United States could also raise concerns in Europe, as European governments are considering opening more borders during the summer holiday season, he added.
“We expect market sentiment to become cautious in the short term, with investors hedging the risks of the pandemic and continuing tensions between the United States and China,” said Hui.
In the oil trade, US crude futures fell 2% to trade at $ 37.74 a barrel during Asian hours on Monday. Brent, the world benchmark for oil, lost 1.7% to trade at $ 40.23 a barrel.
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