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Asian Markets Rise; Chinese Stocks Rebound After Plunging 8.7%

Stock MarketsFeb 03, 2020 10:30PM ET
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By Alex Ho - Asian markets rose on Tuesday morning, with Chinese stocks returning to positive territory after closing 8.7% lower in the previous session.

The Shanghai Composite and the Shenzhen Component rose 0.1% and 1.2% respectively by 10:30 PM ET (02:30 GMT).

Investors remained cautious and continued to monitor developments on the ongoing virus outbreak. In the latest tally, China said its total death toll from the virus stood at 425 and cases rose to more than 20,000.

As an attempt to support its plunging financial markets, the People’s Bank of China injected 400 billion yuan ($57 billion) into the banking system on Tuesday through reverse repurchase agreements. It was the the largest single-day addition in more than a year.

The Hang Seng Index advanced 1.2%. On Tuesday, a 39-year-old patient was confirmed to be the first death in Hong Kong after being diagnosed with the deadly coronavirus a week ago.

On the data front, the city’s economy shrank by a seasonally adjusted 0.4% in the October-December period from the previous quarter, versus a revised 3.0% in July-September.

For the whole of 2019, real gross domestic product contracted by 1.2%, the first annual decline since 2009.

Meanwhile, Japan’s Nikkei 225 was little changed. South Korea’s KOSPI gained 1.3%.

Down under, Australia’s S&P/ASX 200 climbed 0.5%. The Reserve Bank of Australia’s interest decision is due later in the morning.

“An easing bias would not surprise at all with the RBA still well short of their inflation and unemployment goals. NAB looks for the RBA to ease at the April Board meeting when the RBA will have had time to review December quarter growth including consumer spending,” David de Garis, director and senior economist at National Australia Bank, wrote in a Tuesday note.

Asian Markets Rise; Chinese Stocks Rebound After Plunging 8.7%

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