investing.com 22 Dec, 2020 02:45 am

Asian stocks slip as new COVID-19 strain darkens recovery prospects By Reuters

Asian stocks slip as new COVID-19 strain darkens recovery prospects

People wearing protective face masks, following an outbreak of the coronavirus, are reflected on a screen showing Nikkei index, outside a brokerage in Tokyo By Kane Wu and John McCrank HONG KONG/NEW YORK (Reuters) -Asian shares slipped on Tuesday, extending a pullback from multi-year highs hit last week on renewed fears a highly infectious new strain of COVID-19 that shut down much of Britain could lead to a slower global economic recovery.Countries across the globe shut their borders to Britain on Monday due to fears about a new strain of coronavirus, said to be up to 70% more transmissible than the original, causing travel chaos and raising the prospect of food shortages days before Britain is set to leave the European Union.The discovery of the new strain, just months before vaccines are expected to be widely available, renewed fears about the virus, which killed about 1."An escalation of European COVID-19 restrictions in response to fears around a new variant, which is supposed to be faster spreading, should, and did, of course, elicit a negative reaction from prices via the near-term global growth impact," said Stephen Innes, Chief Global Market Strategist at Axi.

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