Coronavirus News Asia

Asian markets rebound on economy hopes


Hong Kong: Asian markets looked past the US-China tensions as economic recovery prospects lifted sentiment, but the tech sector woes continue to keep investors cautious.

Japan’s Nikkei benchmark rose 0.80%, China’s CSI 300 index advanced 0.54% and Hong Kong’s Hang Seng index edged up 0.14%, erasing the morning’s losses.

Australia’s S&P ASX 200 index also had a late kick to finish higher after drugmaker CSL said it would supply a coronavirus vaccine shortly. “Heads of Agreement signed between CSL and the Australian Government to supply 51 million doses of University of Queensland vaccine to Australia, with first doses scheduled for release from mid-2021 following successful clinical trials,” the company said in a statement.

Investors are leaning towards US Treasuries with the 10-year yield down 3 bps to 0.68%. The US dollar extended its recovery with the unit trading at 93.28 versus a basket of currencies. Gold dipped 0.8% $1,913 per ounce.

Growing hopes of a sustained economic recovery is driving investor sentiment, with China reporting a surprisingly positive export performance. Morgan Stanley expects to see the global and developed markets economies returning to pre-Covid-19 levels a quarter ahead of their original forecast.


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