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Asian stocks are mixed as the virus fears the cloud’s economic outlook

Tokyo – Asian stocks were mixed on Monday as fears of a further wave of coronavirus outbreaks clouded the region’s economic outlook and softened profits.

The Japanese benchmark Nikkei 225 remained almost unchanged in the afternoon trading, moving zigzag earlier in the day and then rising less than 0.1% to 30,254.01. Australia’s S & P / ASX 200 was up 0.8% to 7,404.30. South Korea’s Kospi was up 0.2% to 3,131.83. Hong Kong’s Hang Seng Index was up 0.7% to 24,360.55 and the Shanghai Composite Index was down 0.6% to 3,591.49.

Japan’s ruling party will hold an election later this week to select leaders who are likely to become prime minister in just one year after becoming prime minister Yoshihide Suga. All candidates are certain to stick to the country’s pro-US policy, despite some subtle differences in their views.

They also promise to increase government spending to promote the world’s third-largest economic growth.

Analysts also said that the Japanese central bank’s third-quarter “tankan” economic survey, scheduled for Friday, is due to various supply chain disruptions and the new outbreak of COVID-19 in many regions. It states that it is likely to show deterioration.

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In some parts of the world, COVID-19 restrictions have been lifted and gradually returned to “normal” life, but in some countries vaccines are slower to deploy than in the West, leading to a further wave of infection in Asia. Concerns remain about.

In Singapore, further COVID-19 restrictions have been launched to curb the spread of the virus. This is because new cases exceed the peak of city-states, which reached April 2020, every day.

“” Overall, manufacturing may remain resilient as seen from previous regulatory stages, but services may be under pressure. That said, more lenient tightening compared to past business adjustments and past restriction stages can help mitigate some of the impact, “said Yeap Jun Rong, Singapore’s IG market strategist. ..

Wall Street closed the volatile week’s trading with a mixed finish on key stock indices, although the S & P 500 achieved its first weekly rise in three weeks.

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The S & P 500 rose 0.1% to 4,455.48, within the all-time high of 1.9% set on September 2. The Dow Jones Industrial Average rose 0.1% to 34,798. The Nasdaq fell less than 0.1% to 15,047.70 and the Russell 2000 fell 0.5% to 2,248.07.

Investors could become more volatile due to a variety of concerns, including the raging US market in September, the protracted impact on COVID-19 and its economy, and the delay in the recovery of the job market.

Concerns over troubled Chinese real estate developer Evergrande still weigh heavily on the global market. Some Chinese banks are suffering from less than $ 310 billion in debt on Friday, revealing what Evergrande owes in an attempt to dispel the fears of a financial crisis.

In energy trading, US benchmark crude oil added 92 cents to $ 74.90 a barrel in electronic trading on the New York Mercantile Exchange. Friday’s price per barrel rose 68 cents to $ 73.98. The international standard Brent crude was $ 79.02 a barrel, up 93 cents.

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In currency transactions, the US dollar fell from 110.72 yen to 110.64 yen. The price of the euro has risen from $ 1.1713 to $ 1.1719.

Copyright 2021 AP communication. all rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

Asian stocks are mixed as the virus fears the cloud’s economic outlook

Source link Asian stocks are mixed as the virus fears the cloud’s economic outlook

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