Silent trading in Asian stocks gained momentum after Wall Street on Friday. There is an optimism between the present-day worsening epidemic and the modest gains in the war between worries that a vaccine will save the economy in the future.
Japan’s benchmark Nikkei 225 slipped 0.5% to 25,507.95 in morning trade. Australia’s S&P / ASX 200 gained 0.1% to close at 6,554.40. South Korea’s Kospi added 0.3% to 2,554.11. Hong Kong’s Hang Seng rose nearly 0.2% to 26,405.20 points, while Shanghai Composite saw little change, down 0.1% to close at 3,361.90.
Investors were awaiting data that would be on the health of regional economies including India next week, which is suffering the epidemic, and also Taiwan and Singapore.
“The focus in Asia next week will be the extent of India’s boom in the third quarter, as the data in October underscore the renewed threat to the region from the second wave of epidemics,” said Prakash Sakpal, senior journalist at ING.
Japan, growing over a three-day weekend, has dashed its optimism with record daily COVID-19 cases. However, there have been fewer epidemic-related deaths in Japan – fewer than 2,000 – compared to difficult countries, raising concerns about the need for strict restrictions on travel and anti-infection measures.
On Thursday on Wall Street, the S&P 500 flipped between small losses and gains soared 0.4% after spending much of the day. The benchmark index was coming off a day earlier, down 1.2%, pushing it away from its record of 3,626.91 set on Monday. The weekend burst late afternoon buying almost all of the S&P 500 losses.
Is responsible for the rebound of technology companies. Companies relying on consumer spending and communications stocks also helped lift the market, reducing losses in the utilities and healthcare sectors. Treasury yields fall, indicating market caution.
The S&P 500 gained 14.08 points to close at 3,581.87 points. The Dow Jones Industrial Average added 44.81 points or 0.2% to 29,483.23. The index had gone down 210 points. The tech-heavy Nasdaq Composite climbed 103.11 points or 0.9% to close at 11,904.71.
Small-company stocks performed well. The Russell 2000 index gained 14.82 points, or 0.8%, to 1,784.13 points.
The massive November rally in Wall Street has slowed this week as the economy is expected to pick up in the near future with the expectation that a strong coronavirus vaccine will become stronger next year after it becomes available. A discouraging report on Thursday underscored the apprehensions that more American workers filed for unemployment benefits last week than the previous week. This was a worse number than expected by economists and the first increase in five weeks.
With infections and hospitalizations in most parts of the country, the governor and mayor are issuing loud masking, limiting the size of gatherings, banning the meals of indoor restaurants, closing gyms, and hours. And limiting the capacity of other businesses.
“Good vaccine news is grappling with deteriorating coronavirus trends,” said Ross Mayfield, investment strategist at Baird. “We’re at the point where you have an endgame in sight, but the path to get there is really murid.”
Investors worry about moves and a worsening epidemic that will hurt corporate profits and shake confidence among consumers, keeping them at home. New York City announces that it helps send stock to the slide late Wednesday for a person learning in public schools.
Democrats and Republicans in Washington, meanwhile, are still stunned in their efforts to give workers and businesses another dose of financial aid. Which is a glimpse of a bleak winter for both the health care system and the economy.
Countering all those fears, it is hoped that the coming vaccines can control the epidemic and bring the global economy back to normal next year.
“The push and pull of progress along the vaccine track are emptying the market, which allows our economy to reopen,” said Bill Northey, senior investment director at US Bank Wagon Management.
Scientists at the University of Oxford are expected to report the results of late-stage trials of the COVID-19 vaccine being developed with AstraZeneca by Christmas, according to a researcher. Already this month, pharmaceutical companies have offered data that may suggest other vaccines under development. Pfizer and Bayonet have said they plan to ask US regulators within days to allow emergency use of their vaccines.
In energy trading, benchmark US crude rose 2 cents to $ 41.76 per barrel. Brent crude rose 2 cents to $ 44.22 a barrel internationally.
In currency trading, the dollar fell from 103.98 yen down to 103.85 Japanese yen. The euro costs $ 1.1877, up from $ 1.1834