Asian markets mixed: Stocks edge up in Tokyo
After Wall Street closed on Friday, it ended up in sending Asian markets into complete chaos. Alas, the stock market is still chaotic, and nothing changed, even amid optimism about a possible global economic recovery. Also, the concern over rising COVID-19 infections spoiled the whole positive mood.
However, global markets were able to recover most of this year’s losses as investors are looking forward to a possible rebound from the most profound economic slump since the 1930s.
Unfortunately, experts say gains might be too significant and too fast to sustain. Enthusiasm has also been dented by rising infections in Brazil, some U.S. states, and other areas.
The Shanghai Composite Index SHCOMP, +0.96% rose 0.4% and the Nikkei 225 NIK, +0.55% in Tokyo included 0.4%. The Hang Seng HSI, +0.73% in Hong Kong lost 0.2% and Seoul’s Kospi 180721, +0.36% shed 0.4%. The S&P/ASX 200 XJO, +0.10% in Australia included 0.8%. Taiwan Y9999, +0.01% and New Zealand NZ50GR, +0.26% advanced while Singapore STI, – 1.15% declined.
On Thursday, Wall Street’s benchmark S&P 500 SPX, – 0.56% edged up by 0.1% to 3,115.34 after flipping between little gains and losses as the day progressed.
Meanwhile, the Dow Jones Industrial Average DJIA, – 0.80% slipped 0.2% to 26.080.10, and the NASDAQ composite COMP, +0.03% rose 0.3% to 9,943.05.
The S&P 500 has cut its loss for the year to 8%.
On Thursday, the Bank of England expanded the size of its bond-buying program to keep interest rates low. However, a day earlier, the Federal Reserve stated that it plans to keep interest rates close to zero and purchase a broader range of bonds to inject money into the financial system.
In energy, benchmark U.S. rough CLN20, – 0.80% increased 33 pennies to $39.17 per barrel in digital trading on the New York Mercantile Exchange. Also, the agreement settled Thursday at $38.84. Brent rough BRNQ20, – 0.64%, the benchmark at universal costs, propelled.
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