Shares of Asian TOKYO (AP) advanced on Tuesday, raised by the economic recovery, the spread of vaccines and signs that new cases of coronavirus could be reduced.
US markets closed Monday for Washington’s Birthday, a national holiday. The Shanghai and Hong Kong markets are still closed for the Lunar New Year.
Japan’s Nikkei 225 jumped 1.3% in morning trade to 30,466.77, after closing above 30,000 the day before for the first time since August 1990. South Korea Kospi gained nearly 0.4% to 3,158.78, while Australia’s S & P / ASX 200 added 0.5% to 6,901.80.
Despite data showing that regional economies have been hit hard by the pandemic, investors are still sending ever higher indices. Analysts think Asian stocks will continue to rally, enjoying recent gains in US and European markets.
Hopes for a recovery are being fueled in part by the use of COVID-19 vaccines, said Prakash Sakpal, Asia’s senior economist at ING.
“Profits will still be captured as investors remain wary of newer variants of the variant, which may be more resilient to existing vaccines,” he added.
A distribution of vaccines is starting in Japan this week, a nation that has lagged behind the US and Europe with inoculations. It starts with about 20,000 medical staff, followed by 3.7 million more medical staff. The government’s goal is to have shots available for seniors in April, and for everyone by June.
Government data earlier this week showed that the Japanese economy had recovered from the previously experienced growth slump above COVID-19, but shrank to 2020 overall. It is unclear whether the world’s third largest economy can stay on the growth path, as concerns continue about a continuing wave of infections.
Uncertainty over whether the Tokyo Olympics can continue in July, pushed back from last year, without foreign spectators or perhaps without spectators, is adding to the darkness.
Still, optimism remains above the stimulus measures, including trillions of dollars more aid from the US government. Some companies have released surprisingly strong earnings reports, boosting investor enthusiasm.
Global stock markets remain rising this week with a host of positive factors, including U.S. fiscal stimulus expectations, positive gains and vaccines that support sentiment, said Jingyi Pan, senior market strategist at IG Singapore.
U.S. standards ended last week at record levels.
In energy trading, U.S. crude oil added 69 cents to $ 60.16 a barrel in electronic trading on the New York Mercantile Exchange. He earned $ 1.23 for $ 59.47 a barrel on Friday. Brent crude, the international standard, gained 15 cents to $ 63.45 a barrel.
In foreign exchange trading, the US dollar reached 105.50 Japanese yen from 105.39 yen. The euro strengthened to $ 1.2149 from $ 1.2131.
Yuri Kageyama is on Twitter https://twitter.com/yurikageyama
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