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Shares in the Asia Pacific rose Tuesday afternoon, and major markets closed regionally for the holidays.
Hong Kong’s Hang Seng Index, which closed more than 4% on Monday, rose 0.54% in the afternoon. The city government announced Monday that Hong Kong’s economy contracted 8.9% in the first quarter compared to the previous year, its biggest decline since 1974.
In a statement, Hong Kong’s financial secretary Paul Chan said “the external environment remains very challenging” despite the fact that the virus situation in the city “appears to be under control.”
“In the second quarter, we believe that even if there is an improvement, the improvement will be gradual and small,” Chan said.
In Australia, the S & P / ASX 200 rose 1.32% in afternoon trade, with stocks in major banks such as the Commonwealth Bank of Australia and Westpac advancing. That happened when the Reserve Bank of Australia announced on Tuesday its decision to maintain the policy.
“Globally, financial markets are operating more effectively than a month ago, although conditions have not fully normalized,” RBA Governor Philip Lowe said in a statement announcing the central bank’s decision. “The Board will not increase the cash rate target until full employment is advanced and is confident that inflation will remain sustainably within the 2-3% target band.”
Elsewhere, Singapore’s Straits Times Index gained 0.78%. Overall, the MSCI Asia ex-Japan Index increased 0.66%.
On the economic data front, Indonesia’s first-quarter GDP impression was below expectations, according to Reuters. First-quarter GDP rose 2.97% year-on-year in the first quarter, compared to expectations for a 4.04% increase in a Reuters poll. The Jakarta compound last traded 0.25% higher.
The markets in China, Japan and South Korea are closed on Tuesday for holidays.
Investors also continue to watch developments in both the global coronavirus pandemic and growing tensions between the United States and China.
Overnight in the United States, stocks rose more. The Dow Jones Industrial Average added 26.07 points to close at 23,749.76, while the S&P 500 rose around 0.42% to end its trading day at 2,842.74. The Nasdaq compound rose 1.23% to approximately 8,710.72.
The US Dollar Index, which tracks the dollar against a basket of its peers, was at 99,465 after seeing levels above 99.5 previously.
The Japanese yen was trading at 106.62 per dollar after seeing levels around 107 yesterday. The Australian dollar changed hands to $ 0.6443 after crossing the $ 0.654 level last week.
Oil prices were higher in the late Asian trading hours, with benchmark international futures for Brent crude rising 4.78% to $ 28.50 a barrel. US crude futures also rose 6.67% to $ 21.75 a barrel.
