US & World

Asian stocks follow Wall Street, silver eases highs

A woman passing by a bank’s electronic bulletin board showing the Hong Kong stock index in Hong Kong on Tuesday, February 2, 2021. Asian stocks surpassed Wall Street on Tuesday after President Joe Biden invited Republicans to a meeting to discuss financial aid. Highest price in 8 years (AP Photo / Vincent Yu)

Beijing (AP) — Asian stocks surpassed Wall Street on Tuesday after President Joe Biden invited Republicans to a meeting to discuss financial aid, but silver eased its eight-year high.

Market benchmarks in Shanghai, Tokyo, Hong Kong and Seoul have all advanced.

On Wall Street, benchmark S & P 500 index rose 1.6%, part of the loss early in the week amid enthusiastic trading of video game retailer GameStop and other stocks targeted by novice day traders. Has recovered.

In Washington, Biden invited 10 moderate Republicans to the White House to discuss a proposed $ 1.9 trillion financial aid program. Republicans have previously opposed $ 600 billion, or less than one-third of Biden’s offer.

“The more stimulating sound that tends to lift every boat was the music that was audible to the market,” Axi’s Stephen Innes said in a report.

The Shanghai Composite Index rose 0.6% to 3,527.15, and the Nikkei 225 in Tokyo rose 0.9% to 28,334.59. Hong Kong’s Hang Seng Index rose 1.5% to 29,318.49.

Seoul’s Kospi was up 1.4% to 3,098.74, and Sydney’s S & P-ASX 200 was up 1.5% to 6,762.60.

India’s Sensex opened 2% at 49,585.51. New Zealand has receded and Singapore and Bangkok have risen. Jakarta hasn’t changed much.

Silver temporarily jumped to its highest level in eight years and then fell. In London, silver delivered in March fell 55 cents (1.9%) to $ 28.86 per ounce.

Last week, a message on Wall Street Bets and other social media on the Reddit forum prompted small investors to buy silver. Despite the surge on Monday, many online investors said they didn’t raise prices.

“The silver market is much larger than some of the small caps they trade,” Oanda’s Edward Moya said in a report. “Silver coin purchases and call option bets are not enough impetus to soar the price of silver to record high levels.”

Also on Tuesday, the Central Bank of Australia did not change its key interest rate at 0.1% and extended its bond purchase program until September. Banks said the job market was better than expected.

On Monday, the S & P500 index rose to 3,773.86. The Dow Jones Industrial Average rose 0.8% to 30,211.91. The Nasdaq Composite Index rose 2.5% to 13,403.39.

The US market was shaken by GameStop and the enthusiastic trading of several other stocks that were expected to fall but soared after purchases by novice traders. Other investors have said hedge funds betting on these stocks have lost money and are selling other stocks.

GameStop fell 30.8% to $ 225 per share. Last year it ended at about $ 18.

High-tech stocks led. Telecommunications stocks and various companies that rely on direct consumer spending, such as Starbucks and Autozone, have also contributed to the market expansion.

Expectations for financial aid, along with the Federal Reserve’s promise to keep low-cost credit abundant, pushed the S & P 500 and other major indices to record highs.

Investors will bid on shares for 2021 in the hope that the rollout of the coronavirus vaccine will bring global business and travel back to normal. That optimism is diminished by the proliferation of infections and the disruption of vaccine delivery.

In the energy market, benchmark US crude rose 72 cents to $ 54.27 a barrel. The deal rose $ 1.35 on Monday to $ 53.55 a barrel. In London, Brent crude, which was used to price international oil, increased 70 cents per barrel to $ 57.05. You advanced $ 1.31 to $ 56.35 in the previous session.

The dollar rose from 104.94 yen on Monday to 104.97 yen. The euro rose from $ 1.2066 to $ 1.2075.

Asian stocks follow Wall Street, silver eases highs

Source link Asian stocks follow Wall Street, silver eases highs

Related Articles

Back to top button