Asian Equities Up as COVID-19 Shows Signs of Slowing

This post was originally published on this site
https://i-invdn-com.akamaized.net/news/LYNXNPEC0Q0L5_M.jpg
© Reuters. © Reuters.

By Gina Lee

Investing.com – Asian stock markets continued their gains on Tuesday as falling COVID-19 numbers improved investor sentiment.

The United States, Italy and Spain reported declining case figures over the weekend.

The  slipped 0.5%, flattening its earlier gains by 10:23 PM ET (3:23 AM GMT). The Reserve Bank of Australia is set to announce its interest rate decision later in the day. Analysts are predicting a 0.25% cut in forecasts prepared by Investing.com.

South Korea’s  gained 0.95% as Samsung Electronics (KS:) announced a first-quarter profit of around $5.2 billion, slightly above forecastsNeighboring Japan’s  gained 0.93as Prime Minister Abe announced a JPY 39 trillion ($357.55 billion) stimulus package ahead of declaring a state of emergency.

Hong Kong’s  was up by 0.26%. China’s  was up 1.53% while the  was up 2.32% as they returned from a holiday.

“Risk sentiment is improving,” citing factors such as a slowing pace of the daily death toll in Spain and France as well as new confirmed cases in New York rising at a slower pace,” BK Asset Management managing director of foreign exchange strategy Kathy Lien said in a note yesterday.

But with the World Health Organization stating that the number of global cases topped 1.2 million with almost 70,000 fatalities as of April 7, Lien ended her note with a warning to investors.

“These trends suggest that lockdown measures are ‘working’ but it is still too early to tell if these improvements are sustainable. Hospitalizations tend to be lighter over the weekend and in some countries in Asia where it seemed like the curve flattened, new cases are cropping up,” she said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment