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Asian Markets Rebound Tuesday on Good Economic News from China and US

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by June 30, 2020 General

Better-than-expected economic numbers from China Tuesday helped Asian markets rebound from Monday’s staggering losses.

Tokyo’s Nikkei index gained 1.3% Tuesday, while Hong Kong’s Hang Seng index was up 0.5% and the Shanghai’s Composite index finished 0.7% higher.

The S&P/ASX index in Sydney earned 1.4%, with Seoul’s KOSPI index up 0.7% and the TSEC in Taiwan up 0.6%.  Mumbai’s Sensex was trading 0.5% in late afternoon trading.

China’s monthly survey of factory managers, the purchasing managers index, was 50.9 for June, just above the mark that separates expansion and contraction.  Investors also reacted positively to Monday’s report of a stronger-than-expected U.S. housing market in the face of a rising number of COVID-19 cases across the United States, which led to a strong closing for Wall Street.

But the situation is much different in Europe, with the FTSE index in London down one percent, the CAC-40 in Paris down 0.5%, and the DAX index in Frankfurt is trading 0.3% lower.

In oil markets, U.S. crude is selling at $39.32 per barrel, down 0.9% per barrel, while the international standard, Brent crude, is selling at $41.52 per barrel, down 0.4%.

And the Dow Jones, S&P 500 and Nasdaq are all trending negatively, indicating a slow opening on Wall Street Tuesday.

 

 

Source: Voice of America

 

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