Many countries around the world are struggling to cope with the problems caused by coronavirus pandemic. However, in the case of China, the government successfully contained the spread of the virus. Interestingly, most stocks in Asia-Pacific strengthened their positions on Thursday, as investors to the release of a private survey on China’s services sector activity in November.
Let’s start with mainland Chinese stocks. The Shanghai Composite dropped 0.21% to about 3,442.14. At the same time, the Shenzhen Composite was slightly higher at around 13,970.68.
Hong Kong’s Hang Seng index added 0.74% to end its trading day at 26,728.50.
It is worth noting that the Caixin/Markit services Purchasing Managers’ Index for last month came in at 57.8, rising from October’s reading of 56.8.
Interestingly, PMI readings above the 50 mark signify expansion, while the result below that level represents contraction. As a reminder, PMI readings are sequential and show month-on-month expansion or contraction.
Interestingly, earlier this week, the country’s official PMI data showed that services sector activity expanded for the ninth straight month. The official non-manufacturing PMI reading for November was 56.4 based on the information provided by the statistics bureau.
In Japan, the Nikkei 225 ended its trading day at 26,809.37 above the flatline and the Topix index also closed slightly higher at 1,775.25.
South Korea’s Kospi index added 0.76% to close at 2,696.22.
Australia’s S&P/ASX 200 advanced 0.38% to close at 6,615.30. Importantly, the country’s seasonally adjusted balance of goods and services saw a surplus of 7.456 billion Australian dollars in October, according to the country’s Bureau of Statistics.
Stocks and U.S. coronavirus stimulus negotiations
It is not surprising that investors also monitored developments on U.S. coronavirus stimulus negotiations, as lawmakers are trying to pass a pandemic relief package before the end of the year. Millions of people across the country are still out of work, and this fact underlines the severity of the problem.
Recently, Nancy Pelosi and Leader Chuck Schumer asked Senate Majority Leader Mitch McConnell to use a $908 billion bipartisan coronavirus stimulus plan as the basis for relief talks. Lawmakers should work together to approve the stimulus package in the coming weeks. It is no secret that, people are struggling to cope with financial problems.
The S&P 500 added 0.2% to 3,669.01 on December 2. Also, the Dow Jones Industrial Average gained 59.87 points to end its trading day at 2,883.79. The Nasdaq Composite dropped 0.1% to 12,349.37.
COMMENTS