Asian markets are expected to swing higher on Thursday, after U.S. stocks reversed course from a three-day losing streak that led the technology-heavy Nasdaq into correction territory.
The U-turn in U.S. stocks, however, was already reflected in some markets, so the impact in Asia may be muted, said Rodrigo Catril, a senior FX strategist at National Australia Bank."We still expect markets to open with a positive turn, but we don't expect a meaningful acceleration of it," Catril said. "It should be a positive open but not a bombastic open."
Oil prices recovered some of the losses they saw in the prior trading session when they hovered near three-month lows. Stephen Innes, chief global markets strategist at Australian financial services firm AxiCorp, said in a note that"in the background ... continues to be COVID-19 concerns and the delicate balancing act needed to return economies to a new normal and manage the likely rise in cases in the northern hemisphere when social activities move indoors, and could spread more aggressively."
Source: News Formal (newsformal.com)
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