Asia: Stock Markets Hike As Investors Look for Reassuring Data

Asia: Stock Markets Hike As Investors Look for Reassuring Data

Published July 6th, 2020 - 11:00 GMT











Highlights





Benchmarks in Shanghai, Tokyo, Hong Kong and Australia all advanced.







Asian stock markets rose Monday as investors looked ahead for data they hope will support optimism about a global economic recovery.

Benchmarks in Shanghai, Tokyo, Hong Kong and Australia all advanced.

Markets followed Wall Street higher last week after unexpectedly strong U.S. jobs data despite some American states reporting record new coronavirus infections. U.S. markets were closed Friday for a holiday.

"The battle between the Covid-19 drag and improving economic conditions continues,“ said Jingyi Pan of IG in a report.

The Shanghai Composite Index rose 3.9% to 3,274.62 while the Nikkei 225 in Tokyo gained 1.4% to 22,612.72. The Hang Seng in Hong Kong added 2.5% to 26,006.60, The Associated Press reported.

The Kospi in Seoul rose 1.3% to 2,180.70 and Sydney's S&P-ASX 200 advanced 0.2% to 6,070.10. New Zealand, Singapore and Jakarta also gained.

This week, investors are looking ahead to interest rate decisions in Australia and Malaysia. The Reserve Bank of Australia is expected to keep its benchmark rate at a record low of 0.25% while forecasters expect another cut from Bank Negara Malaysia.

Markets also are watching an election