Sun, 07 Mar 2021 Today's Paper

Asia stocks up as lockdowns eased, Hong Kong reverses early loss

26 May 2020 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

(Hong Kong) AFP: Most Asian markets rose yesterday as a further opening up of economies from lockdown offset worries over worsening China-US tensions, while Hong Kong traders stayed cautious following weekend protests over a controversial proposed security law.


While Donald Trump has limited travel from Brazil as the Latin American country sees deaths and infections spiral, traders were focusing on the more upbeat news that governments from Asia, Europe and around the US were lifting economy-shattering shutdowns.


Japan’s prime minister was expected later yesterday to lift a state of emergency in Tokyo, while Spain and Italy are preparing to reopen their borders to kickstart their crucial tourism sectors.


Greece, Germany and the Czech Republic are also on course to allow bars and restaurants to resume service, while primary schools in parts of England are due to restart from next month.

“Global investors are continuing to map the reopening of global economies to the overall risk narrative,” said Stephen Innes of AxiCorp. 


“The global stock markets are moving higher with positive changes in mobility data. According to recent mobility data, the global economy has taken a giant step toward normality in the last week.”


Tokyo ended 1.7 percent higher, while Sydney added more than two percent, with Wellington and Seoul more than one percent higher.


Shanghai added 0.2 percent, while Taipei and Bangkok were also higher.


After a morning drop, Hong Kong edged up 0.1 percent -- having dived more than five percent Friday -- after violent weekend clashes in the city fuelled by China’s legislature introducing a proposal to impose a security law that would suppress its pro-democracy movement.


The protests were the biggest since last year’s, which battered the local economy for months.


The move has also raised concern about Hong Kong’s future as a financial hub, with the US already passing a bill that would strip the city’s preferential trading status if it no longer enjoys autonomy from mainland China.


It also cranked up tensions between Washington and Beijing, already strained by Trump’s barracking of China over its alleged role in the spread of coronavirus, and warnings about fresh tariffs.


On Friday, the US announced sanctions against a Chinese government institute and eight companies for human rights violations against Uighurs and other minorities in China’s western Xinjiang region.


On Sunday, China’s foreign minister said the US was pushing relations with between the two to “the brink of a new Cold War”.


“One big threat to the recovery in markets is the escalating war of words between the US and China,” said Shane Oliver at AMP Capital Investors. 


But he added: “The main focus will likely remain on continuing evidence that the number of new COVID-19 cases is slowing in developed countries, progress towards medical solutions, the reopening of economies and signs that economic activity is picking up.”


While observers expect Trump to continue his attacks on China heading into November’s presidential election, analysts say he is unlikely to take action that threatens the trade detente with Beijing.


Oil prices bounced back from an early sell-off, winning support from the easing of lockdowns and huge output cuts
by key producers.

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Porn and Nudes: Delving into Cyber Exploitation in Sri Lanka

The images and videos are distressing. Non-consensual sharing of intimate ima

People at a loss as.... COVID vaccination programme hits a snag

The much awaited vaccination drive for Sri Lankan healthcare staff began on J

42 trees felled; Ambagamuwa PS Chairman - a law unto himself ! Unjust enrichment via natural resources

Ambagamuwa Pradesha Sabha (PS) Chairman Jayasanka Perera was allegedly accuse

The Man Behind Moves to Form the “BJP” in Sri Lanka

The flower bud is the accredited electoral symbol of the Sri Lanka Podujana P

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.