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Asian stocks rise after US stocks rise on day 5

Tokyo – Asian stocks rose on Tuesday, hitting a record high on Wall Street.

Japan’s benchmark Nikkei 225 rose 0.5% to close at 29,921.09. South Korea’s Kospi was up 0.7% to 3,068.21. Australia’s S & P / ASX 200 was up 0.8% to 6,827.10. Hong Kong’s Hang Seng Index rose 0.3% to 28,929.99, and the Shanghai Composite Index regained its previous losses, rising 0.5% to 3,436.19.

Investors in the region remain vigilant, although deaths are lower in South Korea, Taiwan, Japan and other countries due to slower deployment of coronavirus vaccines in Asia compared to the United States and Europe. It is placed.

Mizuho Bank’s Benkateswaran Lavagna is emotionally aware of the news that AstraZeneca’s vaccine “has caused a” preventive “stop in Europe after use with blood clots, with or without side effects.” Is placed. Singapore.

“This has further set back the progress of immunization in Europe compared to the United States,” Lavanya said in a report.

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The news is also bad for Japan. Japan has begun vaccination of medical professionals with Pfizer’s products, but was set to use Moderna’s products as well as AstraZeneca. The AstraZeneca vaccine, unlike the other two brands, was planned to be produced in Japan.

On Wall Street, the S & P 500 extended its winning streak to 3,368.94, up 0.7% after a 0.5% decline in the initial deal. Technology stocks, airlines, cruise operators, and other companies that rely on consumer spending have contributed to the rise in the market. Only banks and energy stocks were lagging behind.

Wall Street continues to focus on the bond market, where yields have receded slightly since Friday’s surge. Investors are also focusing on the recovery of the US and global economies from the coronavirus pandemic. The $ 1.9 trillion aid package for the US economy has increased investor confidence in a strong recovery from the pandemic in the second half of this year, but has also raised concerns about a potential surge in inflation.

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President Joe Biden’s pledge to extend vaccine eligibility to all Americans by May 1 should also lead to faster economic growth.

The Dow Jones Industrial Average rose 0.5% to 32,953.46. Both indexes surpassed the record set on Friday, setting a record high.

The technology-intensive Nasdaq Composite Index was up 1.1% to 13,459.71, while the SME Russell 2000 Index was up 0.3% to 2,360.17. The profit was the highest in history.

Bond yields fell, with 10-year Treasuries falling from 1.61% on Monday to 1.59%. The modest decline in yields affected bank stocks. Investors have made big bets that the higher the yield, the higher the bank will impose higher interest rates on the borrower. Bank of America was down 0.5%, Wells Fargo was down 0.7% and Citigroup was down 1.3%.

Technology stocks, hit by rising bond yields, have resumed rising. Apple was up 2.4% and Tesla Motor Co. was up 2%. The bond market has significantly reduced tech stocks this year. Higher stocks look more expensive as yields push up interest rates.

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Some economists fear that inflation, which has been dormant for the past decade, could accelerate under the additional demand created by the surge in government spending. Others have pointed out that the US economy has 9.5 million fewer jobs than it did before the pandemic, arguing that unemployment would curb inflation and oppose it.

United Airlines surged 8.3%, making the most profit on the S & P 500, while American Airlines rose 7.7%. Delta Air Lines increased 2.3% and JetBlue Airlines increased 5.9%. An airline stock rise occurred when the Transportation Security Administration screened more than 1.3 million people on both Friday and Sunday. This is the highest outbreak since the coronavirus devastated travel a year ago.

In energy trading, benchmark US crude fell 63 cents to $ 64.76 a barrel in electronic commerce on the New York Mercantile Exchange. It fell 22 cents to $ 65.39 on Monday. Brent crude, the international standard, fell 62 cents to $ 68.26 a barrel.

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In currency trading, the US dollar rose from 109.13 yen to 109.14 yen. The price of the euro has risen from $ 1.1928 to $ 1.1934.

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Contributed by AP business writers Damian J. Troise and Alex Veiga.

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

Asian stocks rise after US stocks rise on day 5

Source link Asian stocks rise after US stocks rise on day 5

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