Asian Stocks Inches Higher for Second Straight Week

Asian Stocks Inches Higher for Second Straight Week

Asian shares edged higher Friday, on course to post the second consecutive week of gains, supported by hopes governments will make provisions to soften the impact on their economies from the coronavirus outbreak.

European shares are anticipated to increase, with pan-European Euro Stoxx 50 futures up 0.21%, Germa futures contributing 0.3% and FTSE futures ticking up 0.21%.

MSCI’s broadest index of Asia-Pacific stocks outside Japan ticked up 0.25% on Friday for a weekly gain of 1.77%.

China’s blue-chip shares soared 0.69%, having recovered a vast 95% of their losses made after the epidemic.

Asian Stocks Inches Higher for Second Straight Week

The index of Chinext high-tech shares soared 0.8% to hit a two-year intraday high, led by yields in some biotech names.

Japan’s Nikkei plunged 0.59%, not supported by the news of first coronavirus death and signs of possible growth in domestic infections in the country.

On Wall Street Thursday, the S&P 500 lost 0.16%; however, its futures yielded 0.23% in subsequent Asian trade to reach record levels.

The day by day death toll in Hubei, the Chinese province at the center of the coronavirus epidemic, halved, and the variety of new cases dropped from a record posted the day earlier.

While many traders hope the epidemic will progressively slow down in the coming months, allowing corporations to return to normal operations, how long that process will take remains anyone’s opinion.

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