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Asian Equities Drift Higher

By MarketPulse (Jeffrey Halley)Stock MarketsJul 22, 2021 04:39AM ET
Asian Equities Drift Higher
By MarketPulse (Jeffrey Halley)   |  Jul 22, 2021 04:39AM ET
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US earnings lift Wall Street

Wall Street once again rose overnight, as Monday’s delta-dip became buy-the-dip, supported by strong US corporate earnings. The S&P 500 rose 0.82%, with the NASDAQ climbing 0.92% and the Dow Jones finishing 0.83% higher. US markets shrugged off the procedural defeat of the US infrastructure bill in the Senate as administrative, with the real fireworks to come next week.

Although Japan markets are closed, the rest of Asia has contented itself with hitching its wagon to the Wall Street rally with headline drivers and data points thin on the ground today. The KOSPI jumped 1.10%, as strong US earnings boosted major stocks in Seoul. The Shanghai Composite was 0.30% higher in China, and the CSI 300 was 0.10% higher.

Hong Kong leapt 1.75%, dragged higher by the Evergrande (OTC:EGRNY) rollercoaster. The property developers' shares jumped 10% at one stage after it said it had “resolved” some issues with lenders on some of its projects. Expect China technology and property stocks to keep Hang Seng volatility alive and well.

Singapore also leapt 1.30% higher today, with Kuala Lumpur climbing 0.55% and Jakarta rallying by 1.20%. Bangkok rose 0.20%, with Manila jumping by 1.30% and Taiwan climbing by 0.85%. Australia’s ASX 200 was 1.05% higher, with the All Ordinaries rising by 0.90%.

Given that the COVID-19 issues sweeping Asia have not gone away, and in fact, you could argue they have gotten worse, the breadth of the Asia-Pacific rally is quite surprising. I attribute it to a combination of complacency, a slow news day, and pent-up buying demand leading to fast-money retail flows piling back into the market.

Assuming the music keeps playing in Europe and the US tonight, Asia could well finish the week on a positive note. I will note that fast-money flows are just that, and the winds could change direction very quickly in these types of markets. Investors who insist on playing should remain light on their feet.

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Asian Equities Drift Higher

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Asian Equities Drift Higher

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