Hong Kong
Stocks mostly rose Tuesday as investors continue to see the positives in the reopening of economies around the world, which is offsetting worries about a second wave of infections.
The easing of lockdown measures combined with trillions of dollars in government and central bank support remain the key drivers of the seemingly unstoppable march higher for equities.
And a pick-up in new cases in all continents is still unable to knock traders off their stride, as they bet on a V-shaped economic recovery.
“When you have high levels of liquidity, when you have a recovering economy, low inflation, low interest rates, you really have a strong foundation for equities to move higher,” Victoria Fernandez at Crossmark Global Investments, told Bloomberg TV.
“But there are so many uncertainties still out there that we think there’s going to be some volatility before we get that upside trend on a continual basis.” Hong Kong went into the lunch break one percent higher, Tokyo added 0.9 percent and Shanghai gained 0.2 percent.
Seoul jumped 0.3 percent despite signs of a second wave of coronavirus in the capital, while Mumbai rose 0.4 percent and Singapore edged up 0.3 percent. Wellington, Taipei and Jakarta were also up. Sydney was flat, while Manila and Jakarta dipped.
The gains follow another record for the Nasdaq on Wall Street and came as Europe pushed ahead with the relaxation of containment measures, while New York City—at one point the centre of the US outbreak—allowed workers to head back to work.—AFP
