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Home / Business / Asian stocks are making a profit from China’s profits, and problems with viruses continue

Asian stocks are making a profit from China’s profits, and problems with viruses continue



TOKYO / NEW YORK (Reuters) – Asian stocks rose higher on Friday, supported by growth in China, but the mood was cautious due to the resumption of coronavirus infections in Europe and the United States.

PHOTO FILE: A TV journalist stands in front of a big screen showing stock prices on the Tokyo Stock Exchange after the market opens in Tokyo, Japan, October 2, 2020. REUTERS / Kim Ken Hong / File Photo

The broadest indicator of ATP shares outside Japan is MSCI .MIAPJ0000PUS rose by 0.27%. US stock futures SC1

also scored 0.32%.

Promotions in China .CSI300 increased by 0.39% as investors bought bank shares due to improved earnings forecasts.

Australian stocks .AXJO erase the early losses from the sale of apartments. Japanese stocks .N225 rose 0.05%, but South Korea shares .KS11 lost 0.32%.

Oil futures continued to fall in Asian trade as another round of blockades to curb the spread of the coronavirus threatens to further weaken global energy demand.

US President Donald Trump’s proposal Thursday to increase the fiscal stimulus package to gain the support of Republicans and Democrats has helped reduce Wall Street losses, although many investors still believe a deal before the Nov. 3 election is unlikely.

“There’s a little bit of concern here, as well as what we’re seeing in America and Europe about the virus and how it seems to be backing up,” said Grant Williamson, Hamilton Hindin Greene’s investment adviser in Christchurch, New -York. Zealand.

On Wall Street, the industrial average is the Dow Jones .DJI fell 0.07%, S&P 500 .SPX 0.15% and Nasdaq composite .IXIC fell to 0.47%.

The sudden rise in weekly unemployment in the United States has added to concerns about the global economy, especially in the wake of the COVID-19 case in Europe.

Dollar index = USD was 93.78, almost to a two-week high as signs of a US economic downturn drove safe harbor flows into the green dollar.

The only currency against which the dollar fell is the yen, which strengthened by 0.15% to 105.31 per dollar, given that the Japanese currency is also considered a refuge.

Euro EUR = fell 0.01% to $ 1.1709, while the harder US dollar tightened to sterling GBP =, which last traded at $ 1.2900, down 0.12% per day.

Gold points XAU = changed little to $ 1,908.40 an ounce.

The coronavirus outbreak broke out in China last year, but Beijing’s aggressive efforts to fight the virus mean that its economy is recovering faster than other major countries, indicating improved corporate profits.

Hong Kong shares in Semiconductor International Manufacturing Corp. 0981.HK (SMIC) rose 2.53% on Friday after China’s leading chip maker raised its revenue and gross margin forecasts for the third quarter.

In contrast, many European countries have resumed the blockade, and London will begin a tougher blockade of COVID-19 from midnight on Friday as Prime Minister Boris Johnson tries to fight the rapidly accelerating second wave of coronavirus.

The European Union has pledged Britain to compromise on their new economic partnership or be prepared to disrupt trade in less than 80 days, which is another negative factor for sterling.

The Australian dollar fell 0.2% against the greenback at $ 0.7094, hitting lower commodity prices.

Oil prices have weighed concerns about the coronavirus and its impact on the world economy. Brent oil futures LCOc1 fell 0.6% to $ 42.90 a barrel, while futures for US commodities CLc1 decreased by 0.44% to $ 40.77 per barrel.

Traders’ security advantage has helped government bonds. Profitability of 10-year US Treasury notes US10YT = RR remained stable at 0.7339%, while the two-year yield US10YT = RR edged bottom to 0,1390%.

Report by Suzanne Barlin; Edited by Sam Holmes


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