Japan jumps 2% as optimism over reopening economies buys investor sentiment in Asia
Shares in Asia were higher in Wednesday morning trade, with Japan’s Nikkei 225 jumping about 2%.
Developments surrounding the reopening of economies likely continued to be monitored by investors on Wednesday.
On the economic data front, Australia’s first quarter GDP print is expected to be out at around 9:30 a.m. HK/SIN on Wednesday.
Stocks in Asia jumped in Wednesday morning trade, with optimism over the reopening of economies as authorities ease coronavirus-induced lockdown measures continuing to keep investor sentiment afloat.
Japan’s Nikkei 225 led gains among the region’s major markets, jumping 2.05% in early trade as shares of index heavyweight Fast Retailing surged 3.63%. The Topix index also added 1.39%.
Over in South Korea, the Kospi gained 1.37% as shares of automaker Hyundai Motor soared about 4%
Shares in Australia also edged higher, with the S&P/ASX 200 up 0.76%.
Overall, the MSCI Asia ex-Japan index traded 0.49% higher.
Developments surrounding the reopening of economies likely continued to be monitored by investors on Wednesday.
“Investor remain on an optimistic mood, squarely focused on the prospect of economies reopening supported by COVID-19 stats that broadly speaking continue to suggest reopening plans remain on track,” analysts at National Australia Bank wrote in a note.
On the economic data front, Australia’s first quarter GDP print is expected to be out at around 9:30 a.m. HK/SIN on Wednesday.
Markets in Thailand are closed on Wednesday for a holiday.
Overnight stateside, the S&P 500 gained 0.8% to close at 3,080.82. The Dow Jones Industrial Average added 267.63 points, or 1.1%, to end its trading day at 25,742.65. The Nasdaq Composite advanced 0.6% to close at 9,608.37. Tuesday’s gains put the S&P 500 up more than 40% from its late-March intraday low.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.575 after weakening in recent days following levels above 99.4 seen last week.
The Japanese yen traded at 108.83 per dollar after weakening significantly yesterday from levels below 108. The Australian dollar changed hands at $0.6918, continuing its rally from levels below $0.68 seen earlier this week.
Oil prices were higher in the morning of Asian trading hours, with international benchmark Brent crude futures added 0.68% to $39.84 per barrel. U.S. crude futures also rose 1.11% to $37.22 per barrel.
What’s on tap for Wednesday:
Australia: First quarter GDP release at 9:30 a.m. HK/SIN