Tue, May 21, 2024

Beijing’s Decision Helped to Boost the Stocks

Stocks and coronavirus pandemic

On February 6, stocks across Asia benefited from the positive news connected with U.S.-China trade relations. Today, the Chinese government stated that it would halve tariffs on hundreds of U.S. imports starting from February 14.

The purpose of this decision was to improve ties with the U.S.  This adjustment would apply to about $75 billion worth of imports.

This news helped to boost the stock markets. Mainland Chinese stocks were the biggest gainers of the day. For example, Shenzhen composite rose 2.895% to end its trading day at approximately 1,727.24. Meanwhile, the Shenzhen component added 2.87% to close at 10,601.34.

Another major Chinese stock index, which is the Shanghai composite also strengthened its position. Its index gained 1.72% to close at about 2,866.51.

In Japan, stocks also have a positive day. The Nikkei 225 added 2.38% to 23,873.59. The Topix index gained 2.07% to 1,736.98.

South Korea, Kospi index rose 2.88% to close at 2,227.94.

Hong Kong’s Hang Seng index gained 2.35% as of its final hour of trading.

In Australia, S&P/ASX 200 ended its trading day 1.05% higher at 7,049.20.

Stocks and ongoing situationStock markets and ongoing situation

Beijing’s decision comes at a time when market sentiment suffered as a result of the coronavirus outbreak. The stocks are struggling as the virus created additional pressure on the markets.

As of Wednesday night, the virus already killed more than 500 people in China, and thousands are infected, based on the information provided by China’s National Health Commission.

Chinese authorities had to extend the Lunar New Year holiday to tackle this problem. At the moment, millions of people are prohibited from leaving their cities as this way officials would like to limit the spread of coronavirus to other regions. However, this virus reached all areas of China. In the modern world, it is tough to stop this virus especially in the case of the world’s most populated country.

YOU MAY ALSO LIKE

The mechanics of compounding. wix.com

Quick Look: Market cap of $9.35B, the stock price at $168.02, nearing

natural gas

Quick Look: Natural gas prices surged due to geopolitical tensions and increased

oil prices concept crude oil spilling out of a contianer, qatar

Quick Look: Qatar projected at 1.3% for 2023, rising to 1.75% for

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Dutch Neobank BUX Names Marcel Jongmans as Chairperson

BUX Holding, the parent firm of mobile investment platform BUX, today announced Marcel Jongmans as the board’s new Chairperson. With almost 30 years in financial services, Jongmans will succeed Founder Nick Bortot, who

BROKER NEWS

Broker News

Dutch Neobank BUX Names Marcel Jongmans as Chairperson

BUX Holding, the parent firm of mobile investment platform BUX, today announced Marcel Jongmans as the board’s new Chairperson. With almost 30 years in financial services, Jongmans will succeed Founder Nick Bortot, who will