Investors breathed a sigh of relief as they turned over their calendars at the end of 2020.
Few were sorry to see the back of a turbulent year that drove nation after nation to their worst economic contractions in generations: over the course of 2020, the U.S. gross domestic product shrank around 3.5 per cent, according to the Bureau of Economic Analysis in the U.S., but still fared slightly better than Canada where Statistics Canada estimated GDP shrank by just over 5 per cent and the U.K., which suffered an eye-watering 9.9 per cent drop in GDP, according to the U.K.’s Office for National Statistics.
TOKYO (AP) â Asian shares fell Thursday, as investors watched for signs of inflation and awaited U.S. economic data expected later in the day.
Japan’s benchmark Nikkei 225 shed 0.8% in early trading to 28,409.41. South Korea’s Kospi dipped 0.7% to 3,146.54. Australia’s S&P/ASX 200 inched down less than 0.1% to 7,089.90. Hong Kong’s Hang Seng slipped 0.5% to 29,019.84. The Shanghai Composite index edged 0.1% to 3,597.85.
The Japanese government is expected to extend its âstate of emergencyâ in some areas including Tokyo past May 31, in an effort to curb COVID-19 cases. Public concern has grown with the Olympics due to begin in Tokyo on July 23. Surveys show a majority of residents want the games canceled or postponed.