SINGAPORE - Asia's stock markets snapped their longest losing streak since February on Thursday and rose following a bounce on Wall Street, though subdued trade in currency, commodity and bond markets suggested investors remain cautious about the outlook.
An overnight rally in riskier currencies also paused, as foreign exchange traders look for the European Central Bank's tone at its meeting later on Thursday to guide the next move for the euro, dollar and the broader market.Indonesia's main stock index dropped 4 per cent to its lowest in more than a month on news the country's capital Jakarta will reinstate social distancing restrictions due to a rise in coronavirus infections.
Overnight on Wall Street the tech-heavy Nasdaq posted its steepest rise in more than four months, gaining 2.7 per cent, to halt a three-session selldown that whacked tech stocks. "It's a double-edged sword," said Oriano Lizza, sales trader at CMC Markets in Singapore, as retail investors who had great success on the way up now facing a tougher environment."
Earlier in the week worries that the bank is concerned at the euro's recent rise had the euro under pressure.
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