Japan's benchmark Nikkei 225 slipped 1.0% to 22,053.98. South Korea's Kospi inched up 0.1% to 2,110.98. Australia's S&P ASX 200 gained 0.3% to 5,914.80. The Shanghai Composite rose 0.6% to 3,002.02, while trading was closed in Hong Kong for a holiday.
A survey showed China's manufacturing activity improved in June, adding to signs of a gradual recovery from the country's deepest economic downturn since at least the mid-1960s. On Wall Street, the S&P 500 climbed 1.5%, bringing its gain for the quarter to nearly 20%. That rebound followed a 20% drop in the first three months of the year, the market's worst quarter since the 2008 financial crisis. The plunge came as the pandemic brought the economy to a halt and millions of people lost their jobs.
Promises of massive amounts of aid from the Federal Reserve and Congress helped propel markets upward. Low interest rates generally push investors toward stocks and away from the low but less volatile returns from bonds, and the Federal Reserve has pinned short-term interest rates at a record low of nearly zero.
The surge in confirmed new cases, which has prompted the European Union to bar U.S. travellers from entry, is seeding doubts that the economic recovery can happen as quickly as markets had forecast. That helps explain why the market's momentum cooled somewhat in June. The S&P 500 gained 47.05 points to 3,100.29 on Tuesday. The Dow Jones Industrial Average rose 0.9% to 25,812.88. The Nasdaq composite climbed 1.9%, to 10,058.77.
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