cloudyn.png
Tuesday August 3rd, 2021 11:58PM

Asian stocks advance after stimulus talks lift Wall St

By The Associated Press
Related Articles
  Contact Editor

Shares rose in Asia on Wednesday after revived hopes for more aid for the U.S. economy broke a four-day losing streak on Wall Street.

Japan reported weaker than expected export data for November, despite a recovery in trade with China, its biggest market.

Overnight, the S&P 500 gained 1.3% as investors grew hopeful that Washington can surmount its partisan divide to deliver more aid to the struggling economy. Technology companies powered much of the rally, which helped push the tech-heavy Nasdaq composite to an all-time high. An index of small-company stocks also set a record high.

Optimism over the economic outlook is rising as approval for a second COVID-19 vaccine may be imminent.

Japan's Nikkei 225 index gained 0.3% to 26,757.40 despite the release of data showing exports fell 4% in November, while imports dropped 11% from a year earlier. Exports of vehicles, semiconductors and other manufactured items showed the biggest declines.

However, a monthly survey of manufacturers showed conditions improving, with the purchasing managers index at preliminary reading of 49.7 on a scale up to 100 where 50 markets the cut off for expansion. It was a 20-month high for the purchasing managers index of au Jibun Bank. The PMI was at 49.0 in November.

Hong Kong's Hang Seng surged 0.8% to 26,412.50 and the Kospi in South Korea rose 0.5% to 2,771.20.

Australia's S&P/ASX 200 advanced 0.7% to 6,679.20 and the Shanghai Composite index edged 0.1% higher, to 3,370.44.

In the U.S., negotiations between Democrats and Republicans on another round of coronavirus relief have been dragging on for weeks. Fresh signs of cooperation Tuesday appeared to boost the market's confidence that Washington can get past its partisan divide and hammer out a deal.

A bipartisan group of lawmakers unveiled a detailed proposal on Tuesday, as meanwhile House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin held another round of talks.

A vaccine candidate developed by Moderna and the National Institutes of Health may be on the cusp of regulatory approval after the Food and Drug Administration said its preliminary analysis confirmed its safety and effectiveness. It would join the nation's first vaccine, which just began rolling out. Hundreds of hospital and health care facilities will get their first shipments Tuesday of the vaccine developed by Pfizer and BioNTech.

The S&P 500 rose 47.13 points to 3,694.62. The Dow Jones Industrial Average gained 1.1% to 30,199.31. The tech-heavy Nasdaq climbed 1.3%, to 12,595.06.

Small-company stocks did especially well, a sign that investors are feeling more optimistic about prospects for the economy. The Russell 2000 index picked up 2.4%, to 1,959.76, a record high.

Another big gain for Apple also helped to lift Wall Street. The most influential stock in the S&P 500 because of its massive market value, it rose 5% after a report from Japan’s Nikkei said it may produce more iPhones in the first half of 2021 than analysts had been expecting.

Another round of financial support from Washington could help carry the economy through what’s expected to be a bleak winter, before vaccines help things get closer to normal next year.

“It does feel like we’re getting closer, albeit to a leaner package that addresses the near-term threats facing the country. But that’s better than the alternative of moving into 2021 without any support measures in place," Craig Erlam of Oanda said in a commentary.

The number of U.S. workers applying for unemployment benefits is back on the rise, as governments around the country and world bring back varying degrees of restrictions on businesses. Even without lockdown orders, the fear is that the rising number of deaths will keep customers away from businesses.

Still, the S&P 500 remains near its record set a week ago. Massive efforts by the Federal Reserve have provided another huge underpinning, and the central bank began its last policy meeting of the year on Tuesday. It will announce its decision on Wednesday after already cutting short-term interest rates to nearly zero and indicating it will keep them there for a while even if inflation rises above its target of 2%.

The yield on the 10-year Treasury was steady at 0.91%.

In other trading, benchmark U.S. crude oil shed 15 cents to 47.47 per barrel in electronic trading on the New York Mercantile Exchange. It rose 63 cents on Tuesday to $47.62. Brent crude, the international standard, gave up 18 cents, to $50.58 per barrel.

The U.S. dollar slipped to 103.55 Japanese yen from 103.68 yen late Tuesday. The euro rose to $1.2162 from $1.2155.

___

AP Business Writers Alex Veiga, Damian J. Troise and Stan Choe contributed.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Health Care
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Asian stocks advance after stimulus talks lift Wall St
Shares have risen in Asia after revived hopes for more aid for the U.S. economy broke a four-day losing streak on Wall Street
10:47PM ( 5 minutes ago )
Minnesota frees man serving life in child's 2002 death
A Black man who was sentenced to life behind bars as a teenager has walked out of a Minnesota prison
10:16PM ( 35 minutes ago )
Negotiators report progress on long-delayed COVID aid bill
Top Capitol Hill Republicans are laboring to keep the price tag for a long-delayed COVID-19 aid package in check, seeking to prevail in a battle over help for state and local governments, while capping the cost of bonus jobless benefits and direct payments sought by Democrats
10:03PM ( 48 minutes ago )
Associated Press (AP)
Biden taps Buttigieg for transportation, Granholm for energy
President-elect Joe Biden is nominating his former rival Pete Buttigieg as secretary of transportation and intends to choose former Michigan Gov. Jennifer Granholm as energy secretary
8:30PM ( 2 hours ago )
Google hires new personnel head amid rising worker tensions
Google has hired a top executive from pharmaceutical company AstraZeneca to oversee its personnel policies amid ongoing tensions with many employees who are upset with the company’s policies
8:25PM ( 2 hours ago )
The Latest: Kansas mayor resigns over mask mandate threats
A western Kansas mayor says she is resigning, effective immediately, because of threats she has received after she publicly supported a mask mandate
8:17PM ( 2 hours ago )
AP Business
Canada getting 168K Moderna vaccine doses before year end
Prime Minister Justin Trudeau says Canada is contracted to receive up to 168,000 doses of the Moderna COVID-19 vaccine before the end of December, pending approval by Canada’s health regulator
7:02PM ( 3 hours ago )
Lilly lays out 2021 expectations, gene therapy acquisition
Shares of Eli Lilly have climbed after the drugmaker laid out a better-than-expected revenue forecast and plans to buy a young company developing a potential Parkinson’s disease treatment
6:33PM ( 4 hours ago )
The Latest: West Virginia coronavirus deaths pass 1,000
The death toll from the coronavirus pandemic in West Virginia has pushed past 1,000 with the announcement of a record 34 deaths
5:15PM ( 5 hours ago )
AP Business - Corporate News
Talks escalate on new COVID-19 relief, top lawmakers to meet
The pace is intensifying as Washington negotiators try to reach agreement on COVID-19 relief
2:43PM ( 8 hours ago )
Wall Street tries again to snap losing streak, pushes higher
Stocks on Wall Street are making another run at breaking their losing streak, and the S&P 500 is up 1.1% in afternoon trading on Tuesday
2:13PM ( 8 hours ago )
US industrial production up 0.4% in November with auto boost
U.S. industrial production increased 0.4% in November with manufacturing receiving a boost from a rebound in output at auto plants after three months of declines
10:22AM ( 12 hours ago )
AP Business - Economy
U.S. stocks end mostly lower after an early rally evaporates
Stocks ended mostly lower on Wall Street Monday after an early rally evaporated
4:52PM ( 1 day ago )
U.S. stocks turn choppy following worst week since Halloween
Stocks are moving sideways on Wall Street Monday as the country’s first vaccinations against COVID-19 have the end of the pandemic slowly materializing into hazy sight
3:10PM ( 1 day ago )
U.S. stocks edge higher following worst week since Halloween
Stocks are edging higher on Wall Street Monday as the country’s first vaccinations against COVID-19 have the end of the pandemic slowly materializing into hazy sight
1:12PM ( 1 day ago )
AP Business - Financial Markets
PM: Sweden's health officials misjudged virus resurgence
Sweden's prime minister says health officials in the Scandinavian country have misjudged the impact of the latest wave of the coronavirus pandemic
12:15PM ( 10 hours ago )
The Latest: Veterans Affairs nurse vaccinated in Minneapolis
A nurse on the front lines of the coronavirus pandemic at the Minneapolis Veterans Affairs Medical Center was the first in Minnesota to receive a COVID-19 vaccine Tuesday
11:13AM ( 11 hours ago )
The Latest: Civil Air Patrol delivers doses in South Dakota
The South Dakota Wing of the Civil Air Patrol is assisting the state Department of Health in delivering the first allocation of coronavirus vaccines
9:59AM ( 12 hours ago )
AP Business - Industries
The Latest: Nurse becomes 1st in Oklahoma to get vaccine
An Oklahoma City emergency room nurse has become the first person in the state to be vaccinated with Pfizer’s coronavirus vaccine
5:36PM ( 1 day ago )
The Latest: COVID-19 vaccinations beginning in California
Vaccinations against COVID-19 began Monday in California amid a huge surge in infections and hospitalizations
4:40PM ( 1 day ago )
The Latest: US health officials vouch for vaccine's safety
Health and Human Services Secretary Alex Azar and Surgeon General Jerome Adams stressed the vaccine’s safety and effectiveness, while raising issues of social equity
3:53PM ( 1 day ago )
AP Business - Health Care
Negotiators report progress on long-delayed COVID aid bill
Top Capitol Hill Republicans are laboring to keep the price tag for a long-delayed COVID-19 aid package in check, seeking to prevail in a battle over help for state and local governments, while capping the cost of bonus jobless benefits and direct payments sought by Democrats
10:36PM ( 16 minutes ago )
Minnesota frees man serving life in child's 2002 death
A Black man who was sentenced to life behind bars as a teenager has walked out of a Minnesota prison
10:16PM ( 36 minutes ago )
Japan exports slip despite uptick in trade with China
Japan has reported its exports fell more than 4% from a year earlier in November, despite an uptick in trade with China
9:50PM ( 1 hour ago )
Cockburn scores 33 as No. 13 Illinois routs Minnesota 92-65
Kofi Cockburn scored a career-high 33 points and grabbed 13 rebounds in only 25 minutes to lead No. 13 Illinois past Minnesota 92-65 in the Big Ten opener for both teams
9:47PM ( 1 hour ago )
US vaccinations ramp up as 2nd COVID-19 shot nears
Hundreds more U.S. hospitals have started inoculating their workers as a second COVID-19 vaccine moves toward government authorization
9:23PM ( 1 hour ago )