Asian shares struggled to stem a bearish mood on Friday after U.S. big tech firm shares fell again overnight on growing doubts about U.S. stimulus and worries about their stretched valuations.
The NYSE Fang+ index of big 10 tech companieshas lost 5.4% so far this week -- its biggest weekly loss since the market turmoil in March if sustained by the end of Friday.
“Global shares had rallied on expectations of economic recovery from lockdowns. But as the autumn begins , people wonder if the coronavirus infections could worsen,” said Kozo Koide, chief economist at Asset Management One. In the currency market, the British pound wobbled near a 1 1/2-month low set on Thursday on fears that UK-EU trade negotiations may fall apart.
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