Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Asian Stocks March Higher On Recovery Hopes

By MarketPulse (Jeffrey Halley)Stock MarketsAug 04, 2020 05:10AM ET
www.investing.com/analysis/asian-stocks-march-higher-on-recovery-hopes-200532897
Asian Stocks March Higher On Recovery Hopes
By MarketPulse (Jeffrey Halley)   |  Aug 04, 2020 05:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Asian markets higher after strong European, US PMIs

The day has started very positively for Asian stock markets after firm PMI data globally spurred Wall Street higher. Both the Markit and ISM Manufacturing PMI’s for July outperforming at 50.9 and 54.2, respectively. The Nasdaq briefly touched a new record high on its way to a 1.47% gain. Interestingly, it stopped around the area of the double top on the charts. It is worth monitoring if it does not trace out further increases in the days ahead. The S&P 500 meanwhile, finished 0.72% higher, with the Dow Jones rallying 0.89%.

Asia is a sea of green today, with the Nikkei 225 higher by 1.4% and the KOSPI climbing 1.20%. Geopolitical worries seem to be muting the bullish mood in China, at least initially, with both the Shanghai Composite and CSI 300 flat in early trading. The Hang Seng, though has climbed 0.40%.

Across regional Asia and Australia, the picture is bright, though. Singapore and Jakarta have climbed 0.60%, with Taiwan up 0.40%. After a tough couple of days, Australia has found its feet. The ASX 200 has jumped 1.70%, and the All Ordinaries has leapt 1.85% ahead of an expected to be very dovish RBA later today. Unless a surprise headline hits the wires today, we expect a positive tone to continue.

US COVID-19 new infections also gave some cause for tentative cheer, with cases across the southern and western hotspots coming in at less than 50,000 for the second day running. Hopes rose that the US might avoid a deeper recession, which was all financial markets needed to send equity markets higher.

Europe also enjoyed a strong session overnight as well on the back of the PMI data. Italian, French, German and United Kingdom manufacturing PMI’s all climbed further into expansionary territory The price action today, therefore, in the absence of new drivers, is likely to be consolidative, but still positive.

Original Post

Asian Stocks March Higher On Recovery Hopes
 

Related Articles

Michael Kramer
A Big Week For Stocks By Michael Kramer - May 17, 2021 2

This will be a big week for stocks, especially with the Fed minutes on Wednesday. Stocks had a volatile week, finishing lower but managing to catch a nice bounce on Thursday and...

Asian Stocks March Higher On Recovery Hopes

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email