Asian stocks were mostly higher as Wall Street hit record

Asian stocks are trading mostly higher on July 13. Remarkably, most markets are also extending the gains of the previous session, following the positive cues from Wall Street overnight.

Additionally, expectations of economic recovery are tempering COVID-19 concerns.

Traders are concerned about the spread of the delta strain of COVID-19 in several paths of the world. In the previous session, Asian stocks ended mostly higher.

Moreover, traders are waiting for the inflation data and U.S. Fed Chair Jerome Powell’s Congressional testimony. The testimony is likely to reveal indications about the outlook for the economy. Meanwhile, market participants have also been hesitant to make significant moves ahead of the start of earnings season.

According to the Group of 20 countries’ finance ministers, the global economic growth is at risk from the spike of new COVID-19 variants and the low vaccine availability in developing countries.

The Australian, Japanese, Chinese, and South Korean stocks were higher

On Tuesday, the Australian stocks market was higher. In the previous session, the Australian stock market witnessed a decline. The benchmark S&P/ASX 200 stood below the 7,400 level, following the positive cues from Wall Street. It gained 0.31%, which equals 22.50 points, and stood at 7,356.

Remarkably, traders are concerned about the speed of the highly infectious COVID strains in New South Wales.

On Tuesday, the Japanese stocks are significantly higher, extending the sharp increases of the previous session. The benchmark Nikkei 225 was below the 28,800 level.

The benchmark Nikkei 225 Index increased by 0.78% or 223.04 points at 28,792.06. In the previous session, it touched a high of 28,852.31. Moreover, the Topix index gained 0.73% to close at 1,967.64.

Hong Kong’s Hang Seng Index led gains regionally s it boosted by 1.63% to 27,963.41.

Additionally, Chinese stocks were also higher, with Shanghai Composite Index gaining 0.53%, which equals 18.69 to close at 3,566.52. Meanwhile, the Shenzhen Component Index rose by 0.18% or 27.77 to 15,189.29.

China’s exports in June boosted by 32.2% from a year earlier. The data also revealed that Chinese imports in June rose by 36.7%

South Korean shares increased for a second session on Tuesday. The benchmark Kospi ended 0.77% higher or 24.91 points at 3,271.38. In the previous session, an index surged 0.89%, the most in almost two months.

The major European markets were also higher

Remarkably, the major European stocks also witnessed gains. The U.K.’s FTSE 100 Index gained 0.1%, while the French CAC 40 Index boosted by 0.5%. Moreover, The German DAX Index advanced 0.7%.

The Dow Jones Industrial Average gained 126.02 points to 34,996.18. The S&P 500 surged 0.35% to 4,384.63 and the Nasdaq Composite boosted by 0.21% to 14,733.24.