Wed, 05 Aug 2020

Stronger tone on Asian markets Wednesday

Lola Evans
12 Feb 2020, 16:58 GMT+10

SYDNEY, Australia - Stocks in Asia had a good day Wednesday, with good gains across the board.

A lesser number of new cases of cornavirus helped, however the number of deaths from the disease cruised past the 1,100 mark.

"Evidence suggests the positive mood will continue, and we see some coordination in markets with oil rallying, base metals up and Treasuries coming under pressure," Michael McCarthy, Chief Market Strategist at CMC Markets in Sydney told the Reuters Thomson news agency.

"It does appear there is increasing comfort that the virus won't impact growth in a significant way, but I am not ready to buy risk assets yet," he added.

The Nikkei 225, in Japan, rose 175.23 points or 0.74% to 23,861.21.

In Hong Kong, the Hang Seng added 239.78 points or 0.87% to 27,823.66.

China's Shanghai Composite advanced 25.22 points or 0.87% to 2,926.90.

The Australian All Ordinaries gained 33.90 points or 0.47% to 7,185.30.

On foreign exchange markets there was little movement in either direction. The euro remained weak at 1.0909. The British pound was unchanged at 1.2954. The Japanese yen weakened a touch to 109.86. The Swiss franc edged up to 0.9758.

The Canadian dollar was little changed at 1.3283. The Australian dollar advanced to 0.6725, while the New Zealand dollar rose sharply yto 0.6457.

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