Asian, European markets rise

19 May, 2021 12:00 AM printer

HONG KONG: Markets rallied in Asia and Europe on Tuesday as investors looked past rising coronavirus infections in the region and bet on global recovery, with Tokyo brushing off data showing the Japanese economy shrank more than expected in the first quarter.

Traders built on a broadly positive previous day, despite a retreat on Wall Street, bringing some much-needed stability after last week’s topsy-turvy performance as Federal Reserve officials continue to reassure that fears of long-term, red-hot inflation were misplaced, reports AFP. The key event this week is the release of minutes from the US central bank’s April policy meeting, which will be scanned for clues about board members’ views on price rises as the world’s top economy bursts back to life as vaccines allow further reopenings.