Asian markets follow Wall Street higher after tech stocks gain

Asian stock markets followed Wall Street higher on Thursday following gains for major U.S. tech stocks.

The Shanghai Composite Index SHCOMP, +1.03% rose 0.6% and the Nikkei 225 NIK, +0.85% in Tokyo added 0.2%. The Hang Seng HSI, +0.47% in Hong Kong gained 0.4% despite U.S.-Chinese tension over a security law imposed on the territory. The Kospi 180721, +0.88% in Seoul was 0.7% higher and Sydney’s S&P/ASX 200 XJO, +1.19% advanced 0.9%. New Zealand NZ50GR, -1.60% and Singapore STI, -0.32% retreated while Jakarta JAKIDX, +0.32% rose.

U.S. stocks have recovered most of this year’s losses, helping to push up global prices, despite rising numbers of American coronavirus infections that threaten to derail economic improvement. Investors are buying technology and other companies they expect to emerge stronger from the global downturn.

On Wednesday, Wall Street turned in its sixth gain in seven days when the benchmark S&P 500 index closed up 0.8%. Amazon AMZN, +2.70% , Apple AAPL, +2.32% and Microsoft MSFT, +2.19% accounted for half that rise.

“The uptick in sentiment seems unrelated to any specific news,” said Stephen Innes of AxiCorp in a report.

On Wall Street, the S&P 500 SPX, +0.78% rose to 3,169.94 and Dow Jones Industrial Average

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Asian markets follow Wall Street higher after tech stocks gain

Asian stock markets followed Wall Street higher on Thursday following gains for major U.S. tech stocks.

The Shanghai Composite Index SHCOMP, +1.03% rose 0.6% and the Nikkei 225 NIK, +0.83% in Tokyo added 0.2%. The Hang Seng HSI, +0.47% in Hong Kong gained 0.4% despite U.S.-Chinese tension over a security law imposed on the territory. The Kospi 180721, +0.86% in Seoul was 0.7% higher and Sydney’s S&P/ASX 200 XJO, +1.15% advanced 0.9%. New Zealand NZ50GR, -1.58% and Singapore STI, -0.32% retreated while Jakarta JAKIDX, +0.32% rose.

U.S. stocks have recovered most of this year’s losses, helping to push up global prices, despite rising numbers of American coronavirus infections that threaten to derail economic improvement. Investors are buying technology and other companies they expect to emerge stronger from the global downturn.

On Wednesday, Wall Street turned in its sixth gain in seven days when the benchmark S&P 500 index closed up 0.8%. Amazon AMZN, +2.70% , Apple AAPL, +2.32% and Microsoft MSFT, +2.19% accounted for half that rise.

“The uptick in sentiment seems unrelated to any specific news,” said Stephen Innes of AxiCorp in a report.

On Wall Street, the S&P 500 SPX, +0.78% rose to 3,169.94 and Dow Jones Industrial Average

Read More Here...

Dow ends 177 points higher; Nasdaq at record high

Global stocks rose on Wednesday as recovery hopes overcame fears that a surge in coronavirus cases would slow the U.S. economy, but many investors still sought safety on pandemic worries, driving gold prices above $1,800 an ounce for the first time since 2011.

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar slid even as the number of confirmed U.S. coronavirus cases surpassed 3 million. Still, demand for the dollar proved remarkably stable given Wall Street’s strength.

The technology-rich Nasdaq finished at a record closing high, the fourth time in five days.

On Wall Street, the Dow Jones Industrial Average rose 177.1 points, or 0.68%, to 26,067.28. The S&P 500 gained 24.63 points, or 0.78%, to 3,169.95 and the Nasdaq Composite added 148.61 points, or 1.44%, to 10,492.50.

But investor sentiment remains tenuous as the pandemic resurges in the United States and elsewhere. Oil prices were steady as rising U.S. crude inventories and the coronavirus surge put the brakes on a recent recovery.

Yousef Abbasi, global market strategist at StoneX Group Inc in New York, said U.S. investors in particular are still comfortable with the idea of buying secular growth or select companies they think will thrive in a low-consumption economy.

While materials, industrial and bank stocks were lower, Abbasi said, other sectors were delivering gains.

“If you’re in an industry where your focus is in technology, such as enterprise software or e-commerce, providing the backbone for those businesses, you’ve been rewarded hand over fist,” Abbasi said.

The MSCI world equity index, a gauge of equity markets in 49 nations, rose 0.63% and its emerging markets index jumped 1.77% as investors continue to pour into Chinese equities.

“There is certainly a rush from retail to buy Chinese stocks,” Abbasi said. “Trading volumes are eclipsing their normal

Read More Here...

Dow ends 177 points higher; Nasdaq at record high

Global stocks rose on Wednesday as recovery hopes overcame fears that a surge in coronavirus cases would slow the U.S. economy, but many investors still sought safety on pandemic worries, driving gold prices above $1,800 an ounce for the first time since 2011.

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar slid even as the number of confirmed U.S. coronavirus cases surpassed 3 million. Still, demand for the dollar proved remarkably stable given Wall Street’s strength.

The technology-rich Nasdaq finished at a record closing high, the fourth time in five days.

On Wall Street, the Dow Jones Industrial Average rose 177.1 points, or 0.68%, to 26,067.28. The S&P 500 gained 24.63 points, or 0.78%, to 3,169.95 and the Nasdaq Composite added 148.61 points, or 1.44%, to 10,492.50.

But investor sentiment remains tenuous as the pandemic resurges in the United States and elsewhere. Oil prices were steady as rising U.S. crude inventories and the coronavirus surge put the brakes on a recent recovery.

Yousef Abbasi, global market strategist at StoneX Group Inc in New York, said U.S. investors in particular are still comfortable with the idea of buying secular growth or select companies they think will thrive in a low-consumption economy.

While materials, industrial and bank stocks were lower, Abbasi said, other sectors were delivering gains.

“If you’re in an industry where your focus is in technology, such as enterprise software or e-commerce, providing the backbone for those businesses, you’ve been rewarded hand over fist,” Abbasi said.

The MSCI world equity index, a gauge of equity markets in 49 nations, rose 0.63% and its emerging markets index jumped 1.77% as investors continue to pour into Chinese equities.

“There is certainly a rush from retail to buy Chinese stocks,” Abbasi said. “Trading volumes are eclipsing their normal

Read More Here...

Dow ends 177 points higher; Nasdaq at record high

Global stocks rose on Wednesday as recovery hopes overcame fears that a surge in coronavirus cases would slow the U.S. economy, but many investors still sought safety on pandemic worries, driving gold prices above $1,800 an ounce for the first time since 2011.

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar slid even as the number of confirmed U.S. coronavirus cases surpassed 3 million. Still, demand for the dollar proved remarkably stable given Wall Street’s strength.

The technology-rich Nasdaq finished at a record closing high, the fourth time in five days.

On Wall Street, the Dow Jones Industrial Average rose 177.1 points, or 0.68%, to 26,067.28. The S&P 500 gained 24.63 points, or 0.78%, to 3,169.95 and the Nasdaq Composite added 148.61 points, or 1.44%, to 10,492.50.

But investor sentiment remains tenuous as the pandemic resurges in the United States and elsewhere. Oil prices were steady as rising U.S. crude inventories and the coronavirus surge put the brakes on a recent recovery.

Yousef Abbasi, global market strategist at StoneX Group Inc in New York, said U.S. investors in particular are still comfortable with the idea of buying secular growth or select companies they think will thrive in a low-consumption economy.

While materials, industrial and bank stocks were lower, Abbasi said, other sectors were delivering gains.

“If you’re in an industry where your focus is in technology, such as enterprise software or e-commerce, providing the backbone for those businesses, you’ve been rewarded hand over fist,” Abbasi said.

The MSCI world equity index, a gauge of equity markets in 49 nations, rose 0.63% and its emerging markets index jumped 1.77% as investors continue to pour into Chinese equities.

“There is certainly a rush from retail to buy Chinese stocks,” Abbasi said. “Trading volumes are eclipsing their normal

Read More Here...

Dow ends 177 points higher; Nasdaq at record high

Global stocks rose on Wednesday as recovery hopes overcame fears that a surge in coronavirus cases would slow the U.S. economy, but many investors still sought safety on pandemic worries, driving gold prices above $1,800 an ounce for the first time since 2011.

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar slid even as the number of confirmed U.S. coronavirus cases surpassed 3 million. Still, demand for the dollar proved remarkably stable given Wall Street’s strength.

The technology-rich Nasdaq finished at a record closing high, the fourth time in five days.

On Wall Street, the Dow Jones Industrial Average rose 177.1 points, or 0.68%, to 26,067.28. The S&P 500 gained 24.63 points, or 0.78%, to 3,169.95 and the Nasdaq Composite added 148.61 points, or 1.44%, to 10,492.50.

But investor sentiment remains tenuous as the pandemic resurges in the United States and elsewhere. Oil prices were steady as rising U.S. crude inventories and the coronavirus surge put the brakes on a recent recovery.

Yousef Abbasi, global market strategist at StoneX Group Inc in New York, said U.S. investors in particular are still comfortable with the idea of buying secular growth or select companies they think will thrive in a low-consumption economy.

While materials, industrial and bank stocks were lower, Abbasi said, other sectors were delivering gains.

“If you’re in an industry where your focus is in technology, such as enterprise software or e-commerce, providing the backbone for those businesses, you’ve been rewarded hand over fist,” Abbasi said.

The MSCI world equity index, a gauge of equity markets in 49 nations, rose 0.63% and its emerging markets index jumped 1.77% as investors continue to pour into Chinese equities.

“There is certainly a rush from retail to buy Chinese stocks,” Abbasi said. “Trading volumes are eclipsing their normal

Read More Here...

Dow ends 177 points higher; Nasdaq at record high

Global stocks rose on Wednesday as recovery hopes overcame fears that a surge in coronavirus cases would slow the U.S. economy, but many investors still sought safety on pandemic worries, driving gold prices above $1,800 an ounce for the first time since 2011.

Stocks on Wall Street rose, and the Nasdaq marked a record closing high, boosted by technology shares, while demand for the dollar slid even as the number of confirmed U.S. coronavirus cases surpassed 3 million. Still, demand for the dollar proved remarkably stable given Wall Street’s strength.

The technology-rich Nasdaq finished at a record closing high, the fourth time in five days.

On Wall Street, the Dow Jones Industrial Average rose 177.1 points, or 0.68%, to 26,067.28. The S&P 500 gained 24.63 points, or 0.78%, to 3,169.95 and the Nasdaq Composite added 148.61 points, or 1.44%, to 10,492.50.

But investor sentiment remains tenuous as the pandemic resurges in the United States and elsewhere. Oil prices were steady as rising U.S. crude inventories and the coronavirus surge put the brakes on a recent recovery.

Yousef Abbasi, global market strategist at StoneX Group Inc in New York, said U.S. investors in particular are still comfortable with the idea of buying secular growth or select companies they think will thrive in a low-consumption economy.

While materials, industrial and bank stocks were lower, Abbasi said, other sectors were delivering gains.

“If you’re in an industry where your focus is in technology, such as enterprise software or e-commerce, providing the backbone for those businesses, you’ve been rewarded hand over fist,” Abbasi said.

The MSCI world equity index, a gauge of equity markets in 49 nations, rose 0.63% and its emerging markets index jumped 1.77% as investors continue to pour into Chinese equities.

“There is certainly a rush from retail to buy Chinese stocks,” Abbasi said. “Trading volumes are eclipsing their normal levels.”

The pan-European STOXX 600 closed down 0.67% as investors assessed the risk of more restrictive social distancing measures in some places and upcoming quarterly earnings reports.

Analysts expect companies listed on the STOXX 600 to report a 53.9% decline in profit in the second quarter, according to Refinitiv data.

In China, stocks extended their gains to seven sessions, with the blue-chip index up 1.6% to its highest close since June 2015.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.1%, just off the prior day’s four-and-a-half-month high.

Coronavirus cases were also on the rise in the Australian state of Victoria, which led to lockdown measures being re-imposed in Melbourne, the country’s second-biggest city.

Bond markets were focused on a meeting on Wednesday of European Union officials to discuss the shape of the EU’s recovery fund.

Yields on German 10-year government debt were unchanged at -0.441%, just above a one-week low of -0.495%.

The dollar index, which tracks the greenback versus a basket of six currencies, fell 0.4% to 96.493. The euro was up 0.54% while the yen was down 0.26% at $107.2300.

Spot gold rose 0.81% to $1,808.74 an ounce. US gold futures settled 0.6% higher at $1,820.60 an ounce.

Brent crude futures rose 21 cents to settle at $43.29 a barrel, while U.S. crude futures settled up 28 cents at $40.90 a barrel.

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ASX follows Wall St higher, Treasury Wine shares fall on COVID-19 hit

Australian shares have risen, with tech stocks including Afterpay surging, after a rally in the US overnight saw the Nasdaq hit a fresh record.

By 1:15pm AEST, the benchmark ASX 200 index had gained 0.9 per cent, or 55 points, to 5,975.

Mining and energy stocks led the broad-based rally, with shares in BHP (+2.1pc), Rio Tinto (+3.2pc), Woodside (+3.3pc) and Worley (+4.1pc) making gains.

Rio Tinto said more than 2,000 jobs would go in New Zealand, as it announced plans to close its aluminium smelter in the country because of high power prices.

The big miner said the winding down of operations at the New Zealand smelters would end in August next year, before eventual closure.

The smelter employs around 1,000 people, with a further 1,600 indirect jobs affected.

Technology stocks surged, led by buy-now-pay-later operators Afterpay (10.5pc) and Zip Co (+7.5pc).

Afterpay shares hit a fresh record high above $73 following an upgrade from Morgan Stanley.

Morgan Stanley analysts raised their price target on the stock to $101, saying the company’s latest earnings were much stronger than expected.

Shares in Treasury Wine Estates had fallen 1.1 per cent to $11.15, after another profit warning from the winemaker.

Treasury Wine said its core earnings for the 2020 financial year had fallen by 21 per cent, compared to the prior year, amid the coronavirus pandemic and travel restrictions.

The company now expects earnings to come in between $530 million and $540 million, with a decline of 14 per cent in Asia, 37 per cent in the Americas and 16 per cent in Australia and New Zealand.

Due to the uncertainty caused by the pandemic, Treasury did not provide guidance for the 2021 financial year.

The Australian dollar was slightly weaker against the greenback, buying around 69.7 US cents.

Multi-billion pound stimulus announced in UK

The UK government has unveiled a multi-billion-dollar plan to help young people find jobs as part of a 54 billion pound mini-budget to counter the economic shock from the coronavirus pandemic.

It announced a 2 billion pound ($3.6 billion) employment program and additional money for investment in training and apprenticeship schemes.

UK Chancellor of the Exchequer Rishi Sunak said the plan will help young people aged between 16 and 24 on social security payments to find a six-month job placement.

Two men in whites shirts seated outside at a pub.Two men in whites shirts seated outside at a pub.
Britain’s Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak are incentivising people to eat out to support the economy.(Picture: Heathcliff O’Malley/The Daily Telegraph via AP)

He also announced a short-term cut in sales tax for hospitality and tourism and an August “eat out to help out” discount scheme with the Government trying to encourage people to leave their homes and spend money.

There was also an immediate cut in stamp duty on house purchases of up to £500,000, which will stay in place until the end of March next year and a 2 billion pound grant for “green homes”.

Shares in major UK construction firms jumped.

Overall, the FTSE 100 came off its early lows and gained slightly as Mr Sunak announced the mini-budget, although it ended down 0.5 per cent at 6,156 points in a volatile session.

Tech shares rally on

In the US, stocks rose and the Nasdaq hit a record closing high as technology shares rallied amid signs of an economic rebound offsetting concerns about further coronavirus lockdowns.

Apple hit a new record high and Microsoft provided the biggest boost to the S&P 500.

The Dow Jones Industrial Average rose 0.7 per cent to 26,067, the S&P 500 gained 0.8 per cent to 3,169 and the Nasdaq Composite added 1.4 per cent to 10,493.

Biogen jumped after the company said it submitted the marketing application for its experimental Alzheimer’s disease therapy.

The market surge came despite the number of confirmed coronavirus cases in the US surpassing three million, affecting nearly one out of every 100 Americans.

California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

Spot gold continued to climb above $US1,800 amid rising coronavirus cases globally.

It rose to $US1,809 an ounce.

Oil prices also made small gains, with Brent crude oil up 0.7 per cent to $US43.37 a barrel.

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ASX follows Wall St higher, Treasury Wine shares fall on COVID-19 hit

Australian shares have risen in early trade after a rally in tech stocks led the Nasdaq to a fresh record in the US overnight.

Key points:

  • The Australian share market opened higher, led by mining and energy stocks
  • Treasury Wine Estates was among the worst performers, as it warned earnings had taken a hit
  • Overnight, the UK Government announced extra stimulus measures

    By 10:40am AEST, the benchmark ASX 200 index had gained 0.9 per cent, or 50 points, to 5,970.

    Mining and energy stocks led the broad-based rally, with shares in BHP +(2pc), Rio Tinto (+2.6pc), Oil Search (+2pc) and Worley (+2.6pc) making gains.

    Rio Tinto said more than 2,000 jobs would go in New Zealand, as it announced plans to close its aluminium smelter in the country because of high power prices.

    The big miner said the winding down of operations at the New Zealand smelters would end in August next year, before eventual closure.

    The smelter employs around 1,000 people, with a further 1,600 indirect jobs affected.

    Shares in Treasury Wine Estates had fallen 3.3 per cent to $10.91, after another profit warning from the winemaker.

    Treasury Wine said its core earnings for the 2020 financial year had fallen by 21 per cent, compared to the prior year, amid the coronavirus pandemic and travel restrictions.

    The company now expects earnings to come in between $530 million and $540 million, with a decline of 14 per cent in Asia, 37 per cent in the Americas and 16 per cent in Australia and New Zealand.

    Due to the uncertainty caused by the pandemic, Treasury did not provide guidance for the 2021 financial year.

    The Australian dollar was slightly higher against the greenback, buying around 69.9 US cents.

    Multi-billion pound stimulus announced in UK

    The UK government has unveiled a multi-billion-dollar plan to help young people find jobs as part of

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