Asian markets track Wall St surge

5 August, 2020 12:00 AM printer

HONG KONG: Asian stocks rallied Tuesday following another record close on Wall Street, with investors cheered by forecast-beating US data and hopes for fresh stimulus for the world’s top economy.

But while there are small signs of a slowdown in infections in key US states, the spread of the virus across the planet and the re-introduction of strict containment measures continue to be overwhelming factors keeping equities from extending gains, reports AFP.

Tech fuelled a surge in New York, sending the Nasdaq to a new all-time high, as traders looked for firms likely to benefit from people being forced to stay or work from home.

There was also a cheer for figures showing the US manufacturing sector expanded last month at its fastest pace since March last year, which followed strong factory readings from China and Europe. Still, AxiCorp’s Stephen Innes said: “The composition of China’s economic recovery offers a roadmap to the rest of the world that is not especially bullish for a consumer-driven rebound.


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