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Asian stock markets recover from virus-led sale by Reuters

© Reuters. File Photo: January 22, 2008, a man looking at a stock market monitor in Taipei. REUTERS / Nicky Loh / File Photo

Scott Murdoch

Hong Kong (Reuters)-Asian stock markets were trading in the positive territory on Tuesday as investors became cautiously optimistic. New Omicron variants may not cause widespread global economic turmoil that exacerbates the coronavirus pandemic.

A bright lead from Wall Street on Monday was followed by a higher opening. This responded to news from US President Joe Biden that the new blockade as a result of the variant is currently off the table.

MSCI’s widest non-Japanese Asia Pacific stock index was up 0.52% on Tuesday.

In Australia, the S & P / ASX200 rose 1.15%, but rose 1.2% early in the session.

Hong Kong’s performance fell 0.25%, while China’s CSI 300 Index for Best Equity rose 0.13%.

China’s service sector activity grew at a slightly slower pace in November, official data said Tuesday. The sector was hit by new blockades as authorities competed to contain the latest outbreaks.

The official Non-Manufacturing Purchasing Management Index (PMI) fell from 52.4 in October to 52.3 in November, according to data from the National Bureau of Statistics (NBS).

Performance improved across the Asian stock market last week after virus-led sales ended, with global investors worried that the variant could push further blockages and hinder economic recovery.

John Millroy, Adviser of Audminette in Sydney, said:

“Sure, there’s another new variant, but unless it’s been updated and a widespread blockade, the V-shaped recovery isn’t compromised. Especially in the United States, earnings forecasts aren’t compromised and households are in cash. It’s overflowing. “

Despite Tuesday’s positive opening, some investors say they are still cautious about the potential impact of Omicron on trade, travel and economic activity.

“There are so many unknowns about Omicron that the market is overshadowed,” said James Rosenberg, Sydney-based financial adviser to EL & C Byleux.

“After such a strong move and rising reputation, the market is always vulnerable to strange shakeouts of news that can pose risks.”

The rise on Tuesday was after Monday rose 236.6 points (0.68%) to 35,135.94, 60.65 points (1.32%) to 4,655.27 and 291.18 points (1.88%) to 15,782.83. ..

In Asian trading, the benchmark yield was 1.5192%, while the US closing price on Monday was 1.529%.

The two-year yield, which rises with traders’ expectations of rising federal funds rates, has reached 0.502% compared to the US closing price of 0.51%.

Gold eased as a result of strong other markets, dropping 0.7% per ounce to $ 1,783.1 in the US session, but rose slightly to neutral early in Asia.

It surged 1.43% to $ 70.95 a barrel. It rose to $ 74.4 per barrel.

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Asian stock markets recover from virus-led sale by Reuters

Source link Asian stock markets recover from virus-led sale by Reuters

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