Asia markets follow Wall St as virus fears ease

Asian stock markets followed Wall Street for a second day as optimism about a global economic recovery appears to stem from concerns over rising coronavirus cases

Market benchmarks advanced in Shanghai, Hong Kong, Seoul and Sydney. Japanese markets remained closed for the holiday.

Overnight, Wall Street’s S&P 500 index rose 0.8%, putting it on pace for weekly gains after rebounding from Monday’s 1.6% loss.

Investors are wavering amid optimism about a global recovery and uneasiness that the spread of the more contagious delta version of the virus may be delayed. They also worry that central bankers may feel pressure to contain rising inflation by withdrawing easy loans.

“The delta variant remains a current downside risk to markets in the near term,” Oanda’s Craig Erlam said in a report, “but as long as inflation remains only a temporary problem, it keeps central banks at bay.” . “

The Shanghai Composite Index rose 0.2% to 3,569.95 and the Hang Seng in Hong Kong rose 1.7% to 27,683.23.

The Kospi rose 1% to 3,247.42 in Seoul and the S&P-ASX 200 in Sydney rose 0.9% to 7,377.60.

India’s Sensex opened up 1.2% at 52,803.19. New Zealand withdrew while Singapore and Jakarta gained.

On Wall Street, the S&P 500 index rose to 4,358.69 on Wednesday.

Technology stocks, banks and companies that rely on consumer spending helped propel the benchmark index. Energy stocks also rose as the price of US crude rose 4.3%. Utilities and real estate stocks declined.

The Dow Jones Industrial Average rose 0.8% to 34,798 and the Nasdaq Composite rose 0.9% to 14,631.95.

US stocks traded flat despite coronavirus uncertainties on an unexpectedly strong corporate profit report.

The Coca-Cola Company and fast food chain Chipotle Mexican Grill grew after reporting better-than-expected quarterly results. Netflix fell 3.3% after reporting its worst slowdown in subscriber growth in eight years.

According to FactSet, more than 80% of the companies in the S&P 500 that have reported results so far have beat analysts’ forecasts. More than 100 are due to be announced next week.

In energy markets, benchmark US crude fell 34 cents to $69.96 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.88 to $70.30 on Wednesday. Brent crude, used for international oil prices, fell 38 cents to $71.85 a barrel in London. It rose by $2.88 to $72.23 in the previous session.

The dollar fell to 110.14 yen from Wednesday’s 110.28 yen. The euro fell from $1.1799 to $1.1797.


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