Asian stock markets rose on Monday as investors looked for data they hope will support optimism about a global economic recovery.
Nikkei 225 NIK from Japan,
up 1.4% and the Hong Kong Hang Seng HSI Index,
gained 3%. The SHCOMP composed of Shanghai,
increased 4.2% and South Korean Kospi 180721,
Advanced 1.7%. Benchmarks in Taiwan Y9999,
Singapore ITS,
and Indonesia JAKIDX,
won, while the Australian S & P / ASX 200 XJO,
it was up 0.2%.
Markets followed Wall Street higher last week after unexpectedly strong US job data despite some US states reporting new record coronavirus infections. US markets closed Friday for holidays.
“The battle between Covid-19 drag and improving economic conditions continues,” IG’s Jingyi Pan said in a report.
This week, investors await interest rate decisions in Australia and Malaysia. The Reserve Bank of Australia is expected to keep its benchmark rate at a record low of 0.25%, while forecasters expect another cut from Bank Negara Malaysia.
Markets are also seeing elections in Singapore and possible unrest in Hong Kong over a security law.
Stock prices have risen as some countries ease anti-virus measures and reopen business, but forecasters warn that the rise may be too early to be sustained by uncertain economic conditions.
Whether the recovery can be sustained “depends largely on how the markets react if the data improvement stabilizes or reverses,” Stephen Innes of AxiCorp said in a report.
On Wall Street on Friday, the S&P 500 index SPX,
ended a shortened four-day business week by up to 4%. Nasdaq COMP compound,
It rose 0.5% to a new record. The Dow Jones Industrial Average DJIA,
gained 0.4%.
This despite an increase in new cases in the populous states of Florida, Texas and California. That has led some governors to stop the reopening of businesses or order others to re-close.
In the energy markets, the US benchmark crude CLQ20,
it lost 24 cents at $ 40.41 a barrel in e-commerce on the New York Mercantile Exchange. Brent crude BRNU20,
Used to price international oils, it earned 17 cents in London at $ 42.98 a barrel.
The USDJPY dollar,
It gained 107.68 yen from 107.52 on Friday.
.
