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Asian markets extend gains on hopes virus crisis is easing

Published : Wednesday, 3 June, 2020 at 12:00 AM  Count : 364

Asian markets extend gains on hopes virus crisis is easing

Asian markets extend gains on hopes virus crisis is easing

HONG KONG, June 2: The easing of lockdowns around the world and signs that economies are slowly recovering provided further impetus for Asian stocks Tuesday, though traders remain on edge over China-US tensions and growing unrest across several large American cities.
Donald Trump's decision not to impose strict sanctions on Beijing over its Hong Kong security law allowed investors to get June off to a healthy start, while a slowdown in virus infections and deaths globally continues to keep the mood positive.
Europe pressed ahead with a further loosening of measures, with schools, pools, pubs and tourist sites reopening - despite fears of a second wave of infections - providing hope that shattered economies can begin to rebuild.
Data showing improvements in factory activity in some countries, particularly badly hit Italy, also gave traders hope.
"May's data suggested the worst of the contraction may be behind us, but we see a bumpy restart in coming months," BlackRock Investment Institute strategists said in a report.
Tokyo rose 0.8 percent, while Hong Kong climbed 0.5 percent after a more than three percent surge Monday.
Shanghai added 0.1 percent and Seoul was up 0.5 percent after data showed South Korea's economy shrank less than first thought in the first quarter.
Singapore rose more than one percent as the city began easing its own shutdown measures and Manila also climbed more than one percent. There were healthy gains in Jakarta, Wellington and Taipei, though Sydney was slightly lower.
Investors appeared to brush off news that China had ordered its state-run agricultural firms to temporarily halt buying some US farm goods, which raised questions about the impact on the countries' trade pact signed in January.
That came after Trump on Friday unveiled a series of moves against China over Hong Kong but stopped short of imposing specific strict measures, suggesting the US prefers to avoid a confrontation at this point.
"It seems that Friday's press conference by the president might have marked the end of the escalation between the two countries, at least for now," said Gorilla Trades strategist Ken Berman.
"That said, the issue of Hong Kong remains in the spotlight, and the conflict still has the potential to move the market in the coming weeks."    -AFP








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