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Asian stocks are rising as vaccines await Wall St optimism

TOKYO (AP) – Asian stocks rose on Friday after China said its economy was growing at an annual rate of 18% in the first quarter.

Joy on China դրական US positive data և Another record on Wall Street eased amid concerns over coronavirus outbreaks in the region, where vaccine distribution is lagging behind.

Japan Aponia benchmark Nikkei 225 gained 0.1% to close at 29,683.37 points. The Australian S & P / ASX 200 offset earlier losses, rising 0.1% to 7,063.50. South Korea’s Kospi rose almost 0.2% to 3,199.88. Hong Kong Hang Seng increased by 0.6% to 28,952.78, and Shanghai Composite by 0.7% to 3423.30.

In the United States հակ In Asia, the contrast between the rate at which vaccines are released is staggering. According to the Centers for Disease Control and Prevention, nearly half of American adults have received at least one dose of the vaccine, and about 30% of adults in the United States have been fully vaccinated.

In Japan, where vaccinations have barely started in the public eye, there has been a resurgence of infections in recent weeks. The country’s western capital, Osaka, reported more than 1,200 new infections on Thursday, the highest since the epidemic began. A senior official of the ruling party has suggested that the Tokyo Olympics, which start in October, be canceled if the infections continue to spread.

“The Nikkei 225 also did not have a solid direction against the backdrop of the undisputed foreign exchange trading, as Japan Aponia is considering tougher COVID-19 measures in the vicinity of Tokyo,” said Anderson Alves, an analyst at ActivTrades.

ING senior economists Prakash Sakpal and Nicholas Mapa said markets were waiting for the outcome of a weekend meeting between Japanese Aponia Prime Minister Yoshihide Suga and President Biden.

In the first quarter of the year, China’s economy expanded at a significant rate of 18.3% per year. Due to the coronavirus epidemic, its return to factory and consumer activities is equal, according to data released on Friday. The numbers have risen since the beginning of 2020, when China suffered a deep decline in recent decades.

Wall Street recorded more significant events on Thursday as the broad market rally brought the S&P 500 to an all-time high and the Dow Jones Industrial Average topped the 34,000 mark for the first time.

The S&P 500 rose 1.1% to 4,170.42 against another new record. The Dow rose 0.9% to 34,035.99.

The Nasdaq Composite Index rose 1.3% to 14,038.76, while the Russell 2000 Index of Small Companies rose 0.4% to 2,257.07.

The rally came as investors hailed a series of stimulus economic reports showing how hungry Americans are to spend again, how fewer workers lose their jobs, how much more profit they make from the corporation.

On Wall Street, expectations are high that the economy, and thus corporate profits, will recover thanks to massive support for the COVID-19 vaccine, the US government, and the Federal Reserve. New data on retail sales and unemployment claims on Thursday reinforced the view that recovery was accelerating.

“One more day, one more post,” said Chris ac Acarelli, chief investment officer at Independent Advisor Alliance. “The stock market continues to confirm last year’s optimistic forecasts, which predicted a strong economy driven by consumers leaving their homes with encouraged vaccinations or the belief that the worst case scenario for COVID is behind us.”

US retail sales jumped 9.8% in March-February, shattering past economists’ forecasts of 5.5% growth. Much of the rise was due to $ 1,400 in bank accounts of households affected by the US government’s recent economic rescue effort. Economists say it shows how primitive people should spend when the economy reopens and conditions improve. This is huge for the economy, which consists mainly of consumer spending.

An incentive reading in the labor market showed that 576,000 people applied for unemployment benefits last week, which is much lower than the 700,000 forecast by economists, down from 769,000 last week. This is also the lowest number since the beginning of the epidemic.

Adding to the optimism, larger US companies reported even healthier profits in the first three months of 2021 than analysts had predicted. Expectations are already high for this revenue-reporting season, which began unofficially on Wednesday and could lead to the strongest growth in a decade.

The American crude oil brand won 19 cents at $ 63.65 per barrel on the New York Mercantile Exchange. It gained 31 cents to $ 63.46 a barrel on Thursday. Brent crude rose 21 cents to $ 67.15 a barrel.

The dollar rose 108.89 Japanese yen from 108.73 yen in foreign exchange trading. The euro was trading at $ 1.1968, down from $ 1.1970.

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