Shares were mostly higher Monday in Asia - Market Talk
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Alice Blue - Market Talk_June 23, 2020

Shares were mostly higher Monday in Asia

The number of coronavirus cases in the United States and around the world has increased sharply despite reports of shares in most of Asia on Monday.

Tokyo, Sydney, and Shanghai gained marginally, and Hong Kong slipped.

Analysts said Australian stocks fueled reports that consumer spending had reversed faster than expected.

“However, this partly reflects strong support from pent-up demand and government initiatives. Employment income has declined, and we expect to spend only next year to return to pre-virus levels, ”Marcel Theilent of Capital Economics said in a report.

Analysts said the epidemic is fluctuating largely due to the availability of funds to encourage the government and the central bank.

Mizuho Bank said in the commentary, “Prices are already considered to be very high and” out of whack. ” “And so, investors may get nervous if they get caught on the wrong side of the” irrational logic. ”

On top of that, “the momentum of the stock and the amplitude of the equity market rebound … may suggest some patience rather than an in-depth hurry to the March sell-off; judiciously to make a profit for the quarter,” it said.

In Tokyo, the Nikkei 225 index gained 0.1% to close at 22,499.32, while the Hang Seng in Hong Kong was down 0.3% at 24,581.34. Cospi slipped 0.1% to 2,138.42 in South Korea, while in Australia, the S&P / ASX 200 rose 0.3% to 5,959.70.

The Shanghai Composite Index also rose 0.3% to 2,975.57. Shares rose in Taiwan and Singapore but fell in Jakarta.

The World Health Organization on Sunday reported the largest one-day increase in coronavirus cases from its count of over 183,000 new cases in the last 24 hours. The United Nations Health Agency said on Sunday that Brazil had prolonged 54,771 cases and overtook the US at 36,617 next. India confirmed 15,400 new cases.

The United States reported more than 30,000 new coronavirus cases on Friday and Saturday, with daily totals highest after May 1. A large proportion of cases are in the South, West, and Midwest, where hospitals in some areas are being overwhelmed.

Case numbers in South Korea and China recently appeared to moderate after outbreaks centered in their capitals.

Great uncertainty persists that countries that are exempted from epidemic-fighting restrictions on travel and trade may again end widespread controls that stem from the worst global recession since the Great Depression in the 1930s Have to overcome.

“The extent to which the COVID-19 epidemic slows economic recovery may rapidly come to mind. These shifting dynamics are always challenging to do the same, ”Stephen Ines of AxiCorp said in a comment.

A word that Apple will temporarily close 11 stores as coronavirus cases are rising in the swaths of the south and west helped them in a fight to sell on Wall Street on Friday, just weeks after reopening.

The S&P 500 closed the day down 0.6% at 3,097.74 after raising concerns about a growing coronavirus infection.

The Dow Jones Industrial Average fell 0.8% to 25,871.46, while the Nasdaq Composite was down 0.1% to close at 9,946.12.

Simultaneous termination of contracts for stock options and futures, an occasional event that can drive buy and sell bouts and is known as “quadruple witching days.”

Even if there are not widespread orders to stay in the house, the fear is that the scare-shoppers may still be able to get away from the shops and pull the business back at their own expense.

The yield on the 10-year Treasury note remained steady on Monday, rising 0.74% on Friday after climbing 0.74%. It goes ahead with investors’ expectations for the economy and inflation.

A barrel of US crude for delivery in July delivered 17 cents to $ 39.58 per barrel in electronic trading on the New York Mercantile Exchange. It rose 2.3% to settle at $ 39.75 on Friday.

Internationally, Brent crude was down 3 cents to $ 42.16 a barrel. It rose 1.6% to $ 42.19 per barrel and settled at the end of the week.

In currency trading, the US dollar was at 106.89 Japanese yen, from 106.87 on Friday. The euro rose from $ 1.1178 to $ 1.1193

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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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