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China’s economy will ride out effects of outbreak
Asian shares rose Wednesday on optimism that China’s latest actions may help curtail some of the expected economic damage from the virus outbreak.To get more latest china economy news, you can visit shine news official website.
Japan’s benchmark Nikkei 225 JP:NIK gained 1.2% in morning trading. Australia’s S&P/ASX 200 AU:XJO added 0.4% and South Korea’s Kospi KR:180721 was up 0.8%. Hong Kong’s Hang Seng HK:HSI edged up nearly 0.5%, while the Shanghai Composite CN:SHCOMP jumped 1.6%.
“Risk sentiment remains on the mend, setting Asia markets up for intraday gains. Although this remains the ebb and flow around an issue such as the coronavirus with the impact still under assessment,” said Jingyi Pang, market strategist at IG in Singapore.
The gains reflected a broad rally on Wall Street overnight that drove the Dow Jones Industrial Average more than 400 points higher and gave the S&P 500 its best day in more than five months.
The gains also pushed the tech-heavy Nasdaq to an all-time high and added to a solid start to February for the broader market after a downbeat January.
Investors welcomed a decision by China’s central bank to inject $57 billion into its markets. The move is the latest step by Beijing to soften the financial blow of the recent virus outbreak. Worries about the potential global economic impact of a protracted outbreak rattled markets in recent weeks, erasing the S&P 500’s gains last month.“If China’s going to do what they can to support their markets, then maybe we don’t have as much cause for concern for our markets,” said Willie Delwiche, investment strategist at Baird.
Apple US:AAPL and Microsoft US:MSFT were among the tech-sector standouts. Like other major technology companies, they rely heavily on doing business with China. Health care, industrial, financial stocks also notched solid gains.
Utilities, real estate companies and other safe-play assets lagged the market as investors became more comfortable taking on risk. Prices for U.S. government bonds fell sharply, sending yields higher, and the price of gold also fell.