Stocks were mostly lower on Thursday in Asia
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Stocks were mostly lower on Thursday in Asia

Stocks in Asia were low on Thursday, due to weakness in stocks of technology companies, due to overnight stock depletion on Wall Street.

Benchmarks fell in Tokyo, Hong Kong, and Sydney, but rose higher in Shanghai.

As coronavirus vaccines move closer to distribution, the market is emphasizing the expectation that the epidemic will begin to subside, allowing economies to recover.

A vaccine from Pfizer and German partner BioNTech, already in use in the U.K., received a positive review, and the U.S. I am on track for possible approval within the next week. The Food and Drug Administration will also consider a vaccine developed by Modern later this month.

The recent surge in coronavirus cases and strict restrictions on businesses over the past few weeks have again increased the importance of a vaccine to beat businesses.

The rollout of vaccines in Asia has been slow. In many countries, outbreaks have waxed and waned as governments seek a balance between epidemiological precautions and economic labor.

The Shanghai Composite Index rose 0.2% to 3,380.10. Hong Kong’s Hang Seng index slipped 0.5% to 26,364.51 and the Nikkei 225 index in Tokyo rose 0.3% to 26,735.63. In South Korea, Kaspi lost 0.1% to close at 2,754.20.

Australia’s S&P / ASX 200 slipped 0.6% to 6,687.00 after China’s government announced additional import taxes on wine in Australia over a bitter diplomatic conflict over coronavirus, regional disputes, and other hiccups. The middle is increasing pressure on his government.

The Chinese Ministry of Commerce said there was a conclusion that Australia improperly subsidizes the export of alcohol, causing damage to sugar producers. It taxed from 6.3% to 6.4%. China, Australia’s largest export market, has already effectively halted imports of Australian wine by taxing over 200%. Beijing has also stopped imports of Australian beef, wheat, and other goods as Australia’s government expressed support for an independent investigation of coronavirus.

On Wednesday, the S&P 500 index fell 0.8% to 3,672.82 as losses from technology companies gained in industrial, energy, and materials stocks. The benchmark index is up 1.4% on the month after climbing to record highs four times in the last two weeks.

The Dow Jones Industrial Average fell 0.4% to close at 30,068.81. The tech-heavy Nasdaq composite fell 1.9% to 12,338.95.

The Russell 200 index of the small-company stock rose 0.8% to 1,902.15. Shares of the small company have outpaced the broader market this month and the Russell 2000 is at a 4.5% lead.

Investors are still hungry for food delivery service in the form of an IPO. The company has also been one of the beneficiaries of the stay-at-home economy by having more people shop and order food from their homes.

More economic damage could occur in the next few months and investors are still watching Washington closely for any developments on any other shot of incentives for people, businesses, and state governments. Congress is still divided in the size and scope of any new packages and the Trump administration has added to potential plans with a new proposal of $ 916 billion.

The yield in the 10-year Treasury was 0.93%, well below its 0.94% level late on Wednesday.

In other trades, the US benchmark crude oil rose 29 cents to $ 45.81 a barrel in electronic benchmarks on the New York Benchmark Exchange. On Wednesday, it was down 8 cents to $ 45.52 a barrel.

Brent crude rose 18 cents to $ 49.04 a barrel internationally.

The Japanese yen strengthened to 104.48 from 104.24 yen late on Wednesday. The euro rose to $ 1.2093 from $ 1.2083.

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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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