SYDNEY: Asian shares shrugged off caution over the rapidly spreading Delta variant of the coronavirus to advance to one-week highs on Wednesday led by strong U.S. corporate earnings and successful vaccine rollout globally.
Japan's Nikkei was in the red while Chinese shares were quick to turn positive after starting lower. The blue-chip index added 0.7per cent as did Shanghai's SSE Composite. "Our baseline forecast for strong global growth to further gather steam in 2H21 has remained unchanged in recent months," JPMorgan analysts wrote in a note."The central pillar of our global outlook is that vaccines will sever the link between COVID-19 and economic activity," they added.
Chinese media have reported 31 provincial regions have warned residents against unnecessary travel in light of recent outbreaks. The mainland reported 96 new cases for Aug. 3, of which 71 were locally transmitted. Wall Street's main stock indexes were choppy overnight but finished higher with notable gains from Apple Inc, Eli Lilly and Robinhood Markets Inc.
The U.S. dollar eased against the Japanese yen and Swiss franc as questions about slowing U.S. economic growth and the Delta variant challenged risk appetite.
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