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Alice Blue - Market Talk_June 5, 2020

Most Asian stock markets were mixed Thursday

Most Asian stock markets were merged on Thursday, following Wall Street gains on surveys showing better-than-expected US jobs and manufacturing conditions.

Benchmarks declined in Shanghai and Hong Kong, while advanced in Tokyo, Sydney and Southeast Asia.

The stock market has grown on optimism about a possible global recovery from the coronavirus epidemic after the opening of more economies despite increasing case numbers in the United States, Brazil and other countries.

Wall Street turned in its fourth straight gain after the survey on Wednesday, with employers cutting fewer jobs than last month’s forecast and slightly alleviating a US manufacturing slowdown.

In a report, IG’s Jingyi Pan said, “Not bad news comes, which enables the hope of economic rebound along with the reopening.”

The Nikkei 225 in Tokyo was up only 0.1% at 22,631.01 and Sydney’s S&P-ASX 200 up 0.6% at 5,976.70. New Zealand and Jakarta also advanced.

The Shanghai Composite Index lost 0.2% to 2,917.56 and Hang Seng in Hong Kong between 0.2% to 24,282.19 under US-Chinese tension and Beijing-Chinese efforts to tighten control over Hong Kong. In Seoul, Cospi fell 0.2% to 2,142.53.

On Wednesday, the Trump administration said it would suspend passenger flights to and from the United States starting June 16 by four Chinese airlines as Beijing failed to approve the resumption of flights to China by United and Delta Airlines.

On Wall Street, the S&P 500 rose 1.4% on Wednesday to 3,122.87. The index has increased by about 40% since the end of March.

The Dow Jones Industrial Average rose 2% to 26,269.89. Nasdaq Composite rose 0.8% to 9.682.91.

A survey by payroll processor ADP said that private employers cut about 2.8 million jobs last month, but that was far more profitable than the 9.3 million that economists had expected from investors. This raises optimism that the US government’s Friday’s more comprehensive jobs report may not be as bad as feared. Economists say that this could lead to the loss of 8 million jobs, which would be a recession from April with the loss of 20.5 million jobs.

Other reports have shown that the US economy is in poor condition but not as disappointing as forecasts.

One report noted that service industries are contracted by fewer economists than expected, and at a more modest rate than in April. Another report said factory orders fell 13% in April, but not as much as the 14.8% that economists had forecast.

Companies that benefited the most from a growing economy led the market on Wednesday, a recent trend continuing as hopes abound that the economy and life, in general, could turn around as business-closed orders could lift.

Stocks have been climbing since the end of March for the first time since the Federal Reserve and Congress promised huge amounts of aid to the economy. More recently, the driving force has been optimistic that growth could resume as states across the country and the ban on businesses are lifted with the aim of slowing the pace of outbreaks in countries around the world.

The rally did not take off after George Floyd’s assassination due to widespread protests across the country. One concern is that by bringing so many people together, the protests may also lead to more coronavirus infections.

Many professional investors have been warning that the stock market rally could happen very soon, very soon. The recovery prospects for the economy are very slow, as the rapid rebound that the stock market has caused may put investors in dismay.

Among energy markets, the benchmark U.S. on the New York Mercantile Exchange. Crude lost a loss of 68 cents to $ 36.61 per barrel in electronic trading. Brent crude, the benchmark for international oils, shed 44 cents a barrel to $ 39.35 a barrel in London.

The dollar was down from Wednesday’s 108.90 yen to 108.87 yen. The euro was unchanged at $ 1.1215

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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