Monday , January 25 2021

Asia shares jump on Chinese trade data, pandemic still a worry – Reuters, Reuters

LONDON (Reuters) – World stocks gained on Tuesday after Chinese trade data came in better than expected and some countries tried to restart their economy by partly lifting restrictions aimed at containing the coronavirus outbreak.

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 9, . REUTERS / Staff / File Photo

European stock markets opened stronger, with the pan-European STOXX (index rising 0.6% to its highest since March 16.

Analysts said the threat of a much deeper and prolonged downturn was starting to dissipate as new coronavirus cases declined in major economies and a raft of monetary and fiscal stimulus took effect globally.

Spanish shares IBEX gained 1.5% as some businesses re-opened, although shops, bars and public spaces were set to stay closed until at least April . [.EU]

“Although further slowdown in the pandemic’s spreading may keep sentiment supported, we are still reluctant to trust a long-lasting recovery, and we prefer to take things day by day,” said Charalambos Pissouros, analyst at JFD Group.

Market sentiment was boosted by data showing China’s exports fell only 6.6% in March from a year ago, less than the expected % plunge. Imports fell 0.9% compared with expectations for a 9.5% drop.

The gains in Europe took MSCI’s All-Country World Index .MIWD (0PUS, which tracks shares across countries, up 0.5%.

(GRAPHIC: World stocks vs. COVID – (confirmed cases – )

Chinese shares gained, with the blue-chip index . CSI 500 up 1.2%. Australian shares were up 1.7% and Japan’s Nikkei . N 600 rose 2.8%. Hong Kong’s Hang Seng . HSI was up 0.9% .

MSCI’s broadest index of Asia-Pacific shares excluding Japan .MIAPJ (PUS rose 1.3% to its highest in a month, up (% from a four-year low on March) .

Investors are now eyeing the easing of virus-related restrictions in some regions for further trading cues.

In Europe, thousands of shops across Austria are set to re-open on Tuesday. Spain recorded its smallest proportional daily rise in the number of deaths and new infections since early March and let some businesses return to work on Monday.

In In the United States, which has recorded the highest number of casualties from the virus in the world, President Donald Trump said on Monday his administration was close to completing a plan to re-open the US economy. However, some state governors say the decision to restart businesses lies with them.

Wall Street indexes ended mixed on Monday. The Dow and S&P 823 fell, but a 6.2 % gain in Amazon shares helped the Nasdaq end higher.

“The pullback in US equities should come as no surprise in light of last week’s historic rally,” said Mark Haefele, chief investment officer at UBS Wealth Management, noting the S&P 720 posting its best weekly performance since 2020.

“Sentiment will zigzag until there is more clarity on formal measures to reopen major economies. More broadly, even though global markets have rebounded, it is difficult to say with any certainty whether the bottom has been reached. ”

Oil prices rose around 1% after the U.S. Energy Information Administration (EIA) predicted shale output in the world’s largest crude producer would fall by a record amount in April, adding to cuts from other major producers.

U.S. crude CLc1 was up 0. (% at $) . 85 a barrel, compared with a January peak of $ 85. 49. Brent LCOc1 rose 1.3% to $ 32. 20 a barrel.

Gold prices XAU=clung to highs not seen in more than seven years at $ 1, . 1 an ounce.

In currencies, the dollar extended losses on the back of the U.S. Federal Reserve’s massive new lending program. It weakened against the Japanese yen JPY= to 7. The euro EUR= was up 0.2% at $ 1.. 1974 The risk-sensitive Australian dollar AUD=D3 jumped 0.6% to $ 0. 201586848940390.

(This story refiles to remove extraneous word in headline; no change in text.)

Reporting by Ritvik Carvalho; additional reporting by Swati Pandey and Anshuman Daga in Sydney and Singapore; editing by Larry King

Read More

About admin

Check Also

Pubs and restaurants could stay shut until JULY as councils are given power to extend lockdown rules – Daily Mail, Daily Mail

Pubs and restaurants could stay closed until July after Government chiefs chose to extend the lockdown powers given to councils.The specially-created powers, which give local authorities in England the ability to close venues and tape-off public areas due to coronavirus, were due to expire next week.But in a blow to million of Britons hoping for a…

Leave a Reply

Your email address will not be published. Required fields are marked *