Asian stocks rise ahead of US economic data amid virus fears
BEIJING (AP) — Asian stocks rose Monday as investors looked ahead to quarterly U.S. economic data amid unease about anti-coronavirus curbs on business and wrangling over the American presidential election.
Market benchmarks in Shanghai, Seoul and Sydney rose while Hong Kong retreated. Japanese markets were closed for a holiday.
Investors looked ahead to U.S. economic growth data due out Wednesday after Wall Street’s benchmark S&P 500 index ended last week down as rising infection numbers collided with hopes for a possible vaccine. Also Wednesday, the U.S. Federal Reserve is due to report on its latest meeting, though no surprises are expected.
Investors have been rattled by decisions to reimpose anti-virus controls in the United States, Europe and some Asian countries that threaten to hamper retail spending, travel and other business activity.
“In the short term, the negative news may well win out,” said Patrik Schowitz of J.P. Morgan Asset Management in a report. He noted U.S. economic data are “beginning to wobble a bit.”
The Shanghai Composite Index rose 0.9% to 3,406.79 while the Hang Seng in Hong Kong lost 0.2% to 26,403.17.
The Kospi in Seoul jumped 1.9% to 2,601.92 and Sydney’s S&P-ASX 200 added 0.5% to 6,572.10.
India's Sensex opened up less than 0.1% at 43,919.28. New Zealand and Southeast Asian markets also gained.
Investor enthusiasm surged on announcements by pharmaceutical companies about promising preliminary data from tests of possible vaccines. Those hopes have been tempered by the reality of the weeks or months required to test, produce and distribute a possible vaccine even if it is successful.
On Thursday, the governor of California, the most populous U.S. state, announced an overnight curfew for most residents.
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