Asian shares up, Shanghai slips as virus fears cloud outlook
Associated PressTOKYO — Asian shares were mostly higher Monday, but fears of further waves of coronavirus outbreaks were clouding the economic outlook for the region, tempering the rally. Japan’s ruling party holds an election later this week to choose a leader, who is likely to succeed Yoshihide Suga as prime minister after just one year in office. Analysts also say Japan’s central bank “tankan” economic survey for the third quarter, due out Friday, likely will show a deterioration in business conditions because of various disruptions to supply chains and renewed outbreaks of COVID-19 in many regions. In Singapore, further COVID-19 restrictions kicked off in an attempt to curb the virus’ spread, as daily new cases have topped the city-state’s peak reached in April 2020. That said, previous business adjustments and softer tightening compared to past restriction phases may aid to reduce some impact,” said Yeap Jun Rong, market strategist at IG in Singapore.