Asian stock markets have followed Wall Street higher for a second day as optimism about a global economic recovery appears to be outweighing concern over rising coronavirus cases
Overnight, Wall Street s S&P 500 indeks steg 0.8%, putting it on pace for a weekly gain after rebounding from Monday’s 1.6% loss.
Investors are wavering between optimism about a global recovery and unease that it might be delayed by the spread of the virus’s more contagious delta variant. They also worry central bankers might feel pressure to tame rising inflation by rolling back easy credit.
“The Delta variant remains an ever-present downside risk for the markets in the near-term,” said Craig Erlam of Oanda in a report, “but as long as inflation remains only a temporary problem, it also keeps central bank hawks at bay.”
Shanghai Composite Index steg 0.2% til 3,569.95 and the Hang Seng in Hong Kong surged 1.7% til 27,683.23.
The Kospi in Seoul added 1% til 3,247.42 and the S&P-ASX 200 in Sydney rose 0.9% til 7,377.60.
India’s Sensex opened 1.2% higher at 52,803.19. New Zealand retreated while Singapore and Jakarta gained.
On Wall Street, S&P 500 index rose Wednesday to 4,358.69.
Technology stocks, banks and companies that rely on consumer spending helped drive the benchmark index’s advance. Energy stocks also rose as the price of U.S. crude oil marched 4.3% higher. Utilities and real estate stocks were among the decliners.
Dow Jones Industrial Average fikk 0.8% til 34,798 and the Nasdaq composite added 0.9% til 14,631.95.
OSS. aksjer, boosted by unexpectedly strong corporate profit reports, have gained in choppy trading despite coronavirus uncertainties.
Coca-Cola Co. and fast food chain Chipotle Mexican Grill rose after reporting better quarterly results than expected. Netflix fell 3.3% after reporting its worst slowdown in subscriber growth in eight years.
Mer enn 80% of companies in the S&P 500 that have reported results so far have beat analysts’ forecasts, according to FactSet. Mer enn 100 are due to announce next week.
In energy markets, benchmark U.S. rå tapt 34 cent til $69.96 per fat i elektronisk handel på New York Mercantile Exchange. Kontrakten steg $2.88 on Wednesday to $70.30. Brent råolje, brukes til å prise internasjonale oljer, skur 38 cent til $71.85 per barrel in London. Det avanserte $2.88 forrige økt til $72.23.
The dollar declined to 110.14 yen from Wednesday’s 110.28 yen. The euro edged lower to $1.1797 fra $1.1799.