Asian shares rise but momentum fizzles on virus worries

Asian shares are gaining, boosted by a near-record rise on Wall Street

TOKYO -- Asian shares gained Tuesday, boosted by a near-record rise on Wall Street, though the momentum began to fizzle out over worries about the economic fallout from surging coronavirus infections in the region. Japan's benchmark Nikkei 225 rose nearly 1% in morning trading to 27,763.43. South Korea's Kospi gained 1.6% to 3,140.12. Australia's S&P/ASX 200 rose 0.4% to 7,516.80. Hong Kong's Hang Seng added 1.7% to 25,537.07, while the Shanghai Composite was up 0.9% at 3,508.10. Some parts of Asia have had slower vaccine rollouts than the U.S. and Europe and are at a greater risk for the more contagious delta variant. “Outbreaks in Asia Pacific have led to new containment measures, disrupting production and trade in a region that accounts for 37% of global merchandise exports,” said Sara Johnson, executive director, global economics, IHS Markit. "Asia Pacific’s manufacturing hubs are the current hotspots for COVID-19."