GLOBAL MARKETS-Asia stocks set for sluggish start after Wall Street declines

By Chibuike Oguh
NEW YORK, Nov 17 (Reuters) - Asian equities were set for a
sluggish open on Wednesday, tracking a lower Wall Street session
as concerns over rising coronavirus cases and fresh lockdowns
dampened the euphoria from vaccine trial breakthroughs.
A skittish mood swept investors as several U.S. states began
restricting gatherings and mandated face-coverings after more
than 70,000 Americans were hospitalized for treatment of
COVID-19 as of Monday, according to a Reuters tally of public
health figures. The surge in new coronavirus cases comes as vaccine trial
results from Moderna MRNA.O on Monday showed that its COVID-19
vaccine candidate appears to be 94.5% effective in preventing
infection. That announcement had caused markets to rally, with
the Dow Jones and S&P 500 indexes reaching record highs.
"We're are coming out of a solid two weeks so the market
being down half a percent isn't that bad with the prospect of
COVID lockdowns," said Jamie Cox, Managing Partner for Harris
Financial Group.
Japan's Nikkei 225 futures NKc1 fell 0.35%, while
Australia's S&P/ASX 200 .AXJO were up 0.4% in early trading.
Also weighing on sentiment was U.S. data on Tuesday that
showed retail sales increased less than forecast in October,
with the potential for even further slowing.
U.S. consumers also bought motor vehicles at a much slower
pace than in previous months. There were increases in sales of
electronics and appliances, as well as building materials and
garden equipment but households cut back spending on sporting
goods and hobbies, clothing, furniture, drinking and dining out.

On Wall Street, the Dow Jones Industrial Average .DJI fell
0.56%, the S&P 500 .SPX lost 0.48%, and the Nasdaq Composite
.IXIC dropped 0.21%.
U.S. Federal Reserve Chairman Jerome Powell said on Tuesday
the current surge in coronavirus cases is a big concern, and the
economy will continue to need both fiscal and monetary policy
support.
Powell added that the Fed is committed to "using all of our
tools to support the recovery for as long as it takes until the
job is well and truly done." U.S. Treasury yields fell in the wake of the retail sales
report as it underscored the possibility of a slowdown in the
fourth quarter. Benchmark 10-year notes US10YT=RR last rose 11/32 in price
to yield 0.8701%, from 0.906% late on Monday.
The U.S. dollar hit its lowest level in a week, with
expectations for continued weakness on expectations for more
fiscal and monetary stimulus as well as optimism over a
potential vaccine.
The dollar index =USD fell 0.082%, with the euro EUR= up
0.08% to $1.1862.
The offshore Chinese yuan CNH=EBS rose to its highest
since June 2018 against the dollar, as positive economic data in
the world's second-largest economy buoys the currency.
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