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Asian markets rise as earnings optimism trumps COVID fears

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BEIJING’s Asian stock markets followed Wall Street higher on Thursday for a second day, as optimism about an economic recovery seemed to outweigh concerns about rising coronavirus cases and inflation.

The Shanghai SHCOMP Composite Index,
+ 0.34%
increased by 0.3% and the Hang Seng HSI,
+1.83%
in Hong Kong jumped 1.7%. The Kospi 180721,
+1.07%
in Seoul added 1.1% and the S & P / ASX 200 XJO,
+1.06%
in Sydney rose 0.9%. Inventories won in Singapore STI,
+1.29%,
Taiwan Y9999,
+ 0.65%
and Indonesia JAKIDX,
+1.78%.

Tokyo markets were closed for a public holiday.

Day-to-day, the Wall Streets S&P 500 SPX index,
-0.00%
rose 0.8%, setting it up for a weekly gain after rebounding from Monday’s 1.6% loss. The Dow Jones Industrial Average DJIA,
-0.14%
gained 0.8% to 34,798 and the Nasdaq composite COMP,
+ 0.24%
added 0.9% to 14,631.95.

Investors oscillate between optimism about a global recovery and unease that it could be delayed by the spread of the more contagious delta variant of the virus. They also fear that central bankers will come under pressure to contain rising inflation by canceling easy credit.

The delta variant remains a pervasive downside risk for short-term markets, Oanda’s Craig Erlam said in a report, but as long as inflation remains only a temporary problem, it also keeps central bank hawks out. distance.

On the energy markets, the American benchmark CLU21 crude,
+ 0.78%
lost 31 cents to $ 69.99 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose from $ 2.88 on Wednesday to $ 70.30. Brent crude BRNU21,
+ 0.76%,
used to set the price of international oil, lost 35 cents to $ 71.88 a barrel in London. It advanced $ 2.88 the previous session to $ 72.23.

The dollar USDJPY,
-0.18%
fell to 110.14 yen from Wednesday 110.28 yen.

Sources

1/ https://Google.com/

2/ https://www.marketwatch.com/story/asian-markets-rise-as-earnings-optimism-outweighs-covid-fears-01626927062

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