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

Asian Stocks Up Following U.S. $579 Infrastructure Deal

Stock MarketsJun 24, 2021 10:32PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Doris Yu

Investing.com – Asia Pacific stocks were up Friday morning after a U.S. $579 billion infrastructure deal boosted investor sentiment and sent U.S. shares to record levels.

Japan’s Nikkei 225 was up 0.68% by 10:19 PM ET (2:19 AM GMT). The Tokyo Core Consumer Price Index was at 0% in June year-on-year, but above the 0.1% contraction in forecasts prepared by investing.com and the 0.2% contraction in the same month in 2020.

South Korea’s KOSPI jumped 0.76%. In Australia, the ASX 200 rose 0.38%.

Hong Kong’s Hang Seng Index increased 0.57%. China’s Shanghai Composite was up 0.21% while the Shenzhen Component rose 0.56%.

The benchmark S&P 500 reached new peaks, while the dollar held a retreat and benchmark 10-year U.S. Treasury yields were little changed at 1.49%.

U.S. President Joe Biden struck a bipartisan $579 billion infrastructure deal on Thursday, which aims to create millions of jobs. The move is expected to move through Congress alongside a separate bill that would spend trillions more on what Biden called “human infrastructure” that is opposed by the Republican party.

The group of senators “has come together to forge an agreement that will create millions of American jobs and modernize our American infrastructure,” Biden added.

An MSCI Inc. gauge of global stocks is expected to record its best week since April, thanks to the continuous economic recovery from COVID-19. Investors remain optimistic despite risks such as higher inflation, the prospect of tightening monetary policy, and the spread of more infectious COVID-19 variants.

“Infrastructure spending strengthens an already very strong economic growth outlook,” LPL Financial (NASDAQ:LPLA) equity strategist Jeff Buchbinder told Bloomberg. These investments will “bolster the outlook for corporate profits and should keep this bull market going strong well beyond 2021.”

On the central bank front, the Banco de México unexpectedly increased its interest rates for the first time since late 2018, while the Bank of England warned against “premature tightening” as the economy still needs support to recover from COVID-19, as they headed down their policy decisions on Thursday.

On the data side, 411,000 filed for initial jobless claims in the U.S. during the previous week, above the 380,000 figure in forecasts prepared by investing.com but slightly below the 418,000 during the previous week.

Investors now await data on personal spending and the University of Michigan consumer sentiment, due later in the day.

Asian Stocks Up Following U.S. $579 Infrastructure Deal
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other 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, don’t trash it.

  •           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. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. 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.
Comments (1)
Alan Rice
Alan Rice Jun 25, 2021 12:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
FINAL infrastructure DEAL : $ 0.28.
 
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