Asian stock market: Mildly bid on Chinese traders’ return, US re-open hopes
- Asian equities welcome China after five-day off, Japanese traders still on holidays.
- US President Trump signaled faster execution of the economy’s restart.
- China reiterates “one country, two systems” principle, US-China tussle remains on the card.
- A light economic calendar keeps traders worried ahead of key events on Thursday, Friday.
Shares in Asia managed to remain positive, though mildly, as Chinese traders welcome US President Donald Trump’s push for economic restart after the coronavirus-led lockdown. Even so, the markets remain mostly inactive as Japan enjoys the Golden Week holiday period and the Dragon nation is also awaited to respond to the US allegations concerning the virus outbreak.
Recently, China’s Hong Kong affair office said that China’s central government will ensure “one country, two systems” principle maintained. This signals the return of the Hong Kong crisis that threatened Asian markets during the late-2019 and early 2020. Even so, HANG SENG prints 0.72% gains to 24,045 by the press time of pre-European open on Wednesday.
Elsewhere, flashed better than forecast prints of New Zealand’s first quarter (Q1) Unemployment Rate and Employment Change helps NZX 50 to remain 0.50% in the green. Though, Australia’s ASX 200 paid a little heed to upbeat Retail Sales while declining 0.35% at the time of writing.
Further, Chinese stocks are over 0.50% in profits and so do India’s BSE SENSEX and NIFTY 50 that rise above 1.0% by the press time. Additionally, MSCI’s index of Asia-Pacific shares outside Japan mark 0.55% gains as we write.
Moving on, a light economic calendar could offer a little move to the traders for the rest of the day, unless any surprises erupt from China. Though, Thursday’s BOE and Friday’s NFP will keep markets active during the rest of the week.