Global stocks rose on Monday, with the European economy rising in Europe despite the German economy being in a slump in the first quarter of the year amid the coronavirus epidemic.
France’s CAC 40 rose 0.8% to 4,479.60 in early trade, while Germany’s DAX jumped 1.2% to 11,206.26. British markets were closed for a bank holiday. US markets will remain closed for Memorial Day.
Germany joined other major economies in its biggest recession since the global financial crisis more than a decade ago, as exports and consumer spending took a hit from the epidemic-caused shutdown and other disruptions.
The federal statistics office said its economy was up 2.2% in January-March from a year earlier. It said investment in the engineering sector, construction, and public expenditure helped prevent an even bigger recession.
Since Germany’s economy sank 0.1% in the last quarter of 2019, the country has created what is known as a “technical recession.”
The mood was upbeat, as well, in Asia, where Japan’s benchmark Nikkei 225 added 1.7%, ahead of Prime Minister Shinzo Abe’s announcement to close at 20,741.65, a state of emergency still in effect for Tokyo and many others. As the outbreak in the regions was ending. To maintain.
“We have attracted the world’s attention,” Abe said. “We will take a strong step forward.”
Elsewhere in Asia, Cospi in South Korea rose 1.2% to 1,994.60 and S & P / ASX 200 in Australia by 2.2% to 5,615.60.
Stocks in Hong Kong fell after police used tear gas to block weekend protests over a proposed national security bill for the former British colony. By the end of the day, but to be changed a bit, re-understood earlier losses. Hong Kong’s Hang Seng closed down 22% at 22,952.24. Shanghai Composite rose 0.2% to 2,817.97.
Protests in Hong Kong in response to a law presented before China’s National People’s Congress, now meeting in Beijing, were the largest in months despite a ban on large gatherings to prevent the spread of coronavirus.
The resurgence of the sometimes violent pro-democracy shook the city for 2019, which raises the possibility of more tension between China and Beijing over efforts by China to exert more control over the semi-autonomous region.
Stephen Inness of AxiCorp said in a comment, “Between the knock-off riots of COVID-19 and the possible migration of jobs from the city’s financial center, things will definitely get a lot better.
Japan has followed South Korea, China, and many other Asian countries into resting precautions as the pace of new coronavirus infections increased.
Abe said, however, that the nation needs to adopt “new thinking” for a lifestyle that places social distance restrictions to avoid contagion but will also allow for an economic recovery. He urged people to fear the virus, wear masks, and wash their hands regularly.
People are still being requested to avoid mingling with the crowd. Dishes will be allowed for the first time with up to 100 people in the audience. The professional baseball season kicks off next month with no spectators standing.
Japan has reported about 820 deaths and over 16,000 cases, which are relatively difficult countries such as the U.S.
In other trading circles, the benchmark US crude oil price rose 9 cents to $ 33.34 a barrel. It fell 2%, or 67 cents, to $ 33.25 a barrel on Friday. Internationally, Brent crude oil fell 11 cents to $ 35.02 a barrel.
Crude oil started the year at around $ 60 per barrel and then sank as demand due to extensive travel and trade-offs related to coronavirus.
The US dollar rose from 107.63 yen to 107.69 Japanese yen late on Friday night. The euro fell from $ 1.0901 to $ 1.0884.