Japan’s benchmark Nikkei 225 NIK, +2.08% surged 2.1% in morning trading, while South Korea’s Kospi 180721, +1.18% gained 1.2%. Australia’s S&P/ASX 200 XJO, +0.58% added 0.4%. Hong Kong’s Hang Seng HSI, +1.21% jumped 1.3% , while the Shanghai Composite SHCOMP, +0.08% was little changed. Stocks dipped in Indonesia JAKIDX, -0.37%, but made strong gains in Taiwan Y9999, +4.87% and Singapore STI, +1.40%.
Yeap Jung Rong, market strategist at IG in Singapore, said Asian markets were seeking “to rebound from weakness over concerns on virus resurgences.” Although Asia has fared better in curbing infections and COVID-19 related deaths, compared to the U.S. and parts of Europe, worries have been growing about recent surges in coronavirus cases.
The S&P 500 SPX, -0.25% dipped 10.56, or 0.3%, to 4,163.29, with tech stocks and other former market darlings once again taking the brunt of the losses. The benchmark index is coming off a 1.4% weekly drop from its record high, which would have been even worse if not for a late rebound.
United airlines and Boeing is where you wanna be
That's because the pandemic is subsiding in the U.S., and 'inflation fears' are wildly overblown.
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