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

Asian Stocks Up, Spike in COVID-19 Cases Still on Investors’ Minds

Stock MarketsApr 21, 2021 10:41PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mostly up Thursday morning, breaking two consecutive days of losses after their U.S. counterparts got a boost by a rally in companies that stand to benefit the most from the economic recovery from COVID-19.

China’s Shanghai Composite inched up 0.04% by 10:28 PM ET (2:28 AM GMT) while the Shenzhen Component was down 0.27%. U.S.-China tensions are on investors’ radars, after the Senate Foreign Relations Committee approved a bill aimed at China via a 21-1 vote on Wednesday. The bill proposes closer scrutiny of overseas donations to U.S. colleges and universities among other measures aimed at bolstering U.S. competitiveness in the technology and critical manufacturing industries.

Hong Kong’s Hang Seng Index was up 0.26%. The city could reportedly announce details of a travel bubble with Singapore later in the day, with no-quarantine travel starting after mid-May.

Japan’s Nikkei 225 jumped 2.12% and South Korea’s KOSPI was up 0.60%.

In Australia, the ASX 200 was up 0.44%. Tensions between Australia and China were also up after the former canceled agreements reached between China’s Belt and Road Initiative and the Victorian government.

Chinese President Xi Jinping had called for greater global economic integration and warned the U.S. and its allies to avoid “bossing others around” in his keynote speech at the Boao Forum for Asia earlier in the week.

Traders will continue to sift through corporate results as the earnings season continues, after a spike in global COVID-19 cases knocked global shares below record highs.

Some investors remained optimistic.

“There is strong potential for additional upside in stocks particularly as we move through the earnings season and we start to have more forecasts for what the year ahead is going to look like,” Pacific Investment Management Co. multi-asset strategies portfolio manager Erin Browne told Bloomberg.

“While certainly investors have priced in a lot in terms of normalization in certain segments of the market, I still think that there is room to run,” she added.

Other investors, however, were more cautious.

“Overall, I think markets are still skewed to taking on risk, and I don’t think we’ve seen the final record high by any means in the U.S. stock market or in global equities... at the end of the day, [the selloff earlier in the week] was just markets whipping around as the froth has blown off risk assets,” IG market analyst Kyle Rodda told Reuters.

Meanwhile, the European Central Bank (ECB) will hand down its policy decision later in the day, which is widely expected to remain unchanged and confirm that the central bank will speed up asset purchases under its COVID-19 program until June 2021. The U.S. Federal Reserve will release its own decision in the following week.

Asian Stocks Up, Spike in COVID-19 Cases Still on Investors’ Minds
 

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)
Adam Paine
Adam Paine Apr 21, 2021 10:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
sure Indias numbers are historically high and China is having no problems at all...riiight
 
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