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· Asian shares and Wall Street futures stepped back on Thursday as resurgent concerns about the long-term impact of the coronavirus outbreak offset some of this week’s earlier enthusiasm about economies re-opening.

Investors were also looking ahead to a key policy gathering in China that may yield more economic stimulus, while recent data from around the world reinforced views that a sustainable recovery may not come for several months.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1%, having rallied around 3% so far this week. S&P 500 e-mini stock futures fell 0.54%.

· Japanese shares snap winning streak; Mothers index at 1-yr high

Japan’s Nikkei share average snapped a four-day winning streak on Thursday, as investors were reluctant to chase markets after the benchmark hit a 2-1/2-month high, raising concerns that stocks were potentially overvalued.

The Nikkei share average closed 0.21% lower at 20,552.31. Earlier in the session, the index rose to as high as 20,734.91, its strongest level since March 6. The broader Topix lost 0.23% to 1,491.21.

Although the market has rallied on hopes of a quick economic recovery following countries’ move to ease coronavirus restrictions, investors have noted the market’s valuations are getting stretched.

The Nikkei has rallied 8.6% so far this quarter after suffering a 20% loss in the previous quarter on worries about severe economic damages from the COVID-19 pandemic.

The Topix is traded at 14 times its expected earnings, sharply higher than the trough of 10.6 touched in March and near last year’s peak of 14.4.

· China stocks close lower as tech players weigh

China stocks ended lower on Thursday, hurt by tech players, on news that U.S. regulators are open to making changes to close a possible loophole in a new rule aimed at curbing global chip sales to Chinese firm Huawei Technologies Ltd.

At close, the Shanghai Composite index was down 0.55% at 2,867.92.

Reference: CNBC, Reuters