Sun, May 19, 2024

Stocks in Asia, Economic Recovery and Coronavirus Pandemic

Hong Kong and tech companies

On Thursday, investors analyzed information regarding the economic recovery from the coronavirus pandemic. Stocks were mixed on June 4. For example, Japan’s Nikkei 225 gained 0.36% to close at 22,695.74. Moreover, the Topix index rose 0.3% to close at 1,603.82.

Also, South Korea’s Kospi index added 0.19% to close at 2,151.18.

Nevertheless, mainland Chinese stocks fell on Thursday. The Shenzhen Component gained 0.278% to about 11,139.26. Meanwhile, the Shanghai Component dropped 0.14% to around 2,919.25.

Also, Hong Kong’s Hang Seng index fell on Thursday.

However, Australia’s S&P/ASX 200 gained 0.84% to 5,991.80. Interestingly, Australia’s retail sales for April declined to a seasonally adjusted 17.7% in April, based on the information provided by Australia’s Bureau of Statistics.

U.S. stocks and state of the local economyDow Jones Industrial Average on June 3

Investors, analysts, and government officials are monitoring the situation, as they want to learn more about the economic impact of the coronavirus pandemic. Governments allocated billions of dollars and support their economies.

However, for markets to achieve a sustainable rally strong signs of economic or earnings recovery are important.

Two days ago, the Dow Jones Industrial Average, and S&P 500, strengthened their positions thanks to better than expected economic data. As a reminder, a report from ADP showed private payrolls stateside falling by 2.76 million in May. It was expected that private payrolls would fall by 8.75 million according to economists. This report helped to boost U.S. stocks.

On Wednesday, the Dow Jones Industrial Average saw gains for the third day in a row. The Dow Jones jumped 527 points or just over 2% on June 4. Also, the S&P 500 strengthened its position for the fourth day in a row.

China, as well as the U.S., should work together to prevent the world financial crisis. The coronavirus pandemic caused considerable damage to the global economy, there is no need to add other challenges.

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