Shares Climb on Chinas Recovery, with Earnings in Focus

Asian shares climbed on Tuesday as investors wagered Chinas economic strength would help underpin growth in the region, even as pandemic lockdowns threatened to lengthen the road to recovery in the West.

Data out on Monday had confirmed the worlds secondlargest economy was one of the few to grow over 2020 and actually picked up speed as the year closed.

European markets appeared set for a higher open with Euro Stoxx 50 futures up 0.5 and Londons FTSE gaining 0.4. Those of Germanys DAX rose 0.64.

MSCIs broadest index of AsiaPacific shares outside Japan firmed 1.61, to be a whisker from record highs. Japans Nikkei bounced 1.53, recovering all the losses suffered on Monday when caution had dominated markets.

Australian shares climbed 1.19 as investors bet on news that Queensland state was set to lift virusled restrictions and on prospects of better production numbers from local miners.

Chinese bluechips dipped 1.47, while Hong Kongs Hang Seng advanced 2.1, helped by steady and robust demand from investors in mainland China for shares in the Asian financial hub.

Mainland investors purchased 18.9 billion yuan 2.91 billion worth of Hong Kong stocks on Tuesday via the Stock Connect linking mainland and Hong Kong, after spending a record HK23 billion on Monday, according to HKEX and Refinitiv data.

On Wall Street, U.S. stocks also looked a little steadier as futures for the SP 500 added 0.67 and NASDAQ futures 0.97.

Analysts at JPMorgan felt the coming earnings season…

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News