clearn.png
Saturday September 25th, 2021 9:23PM

Asian stocks advance on vaccine, stimulus optimism

By The Associated Press
Related Articles
  Contact Editor

BEIJING (AP) — Asian stocks rose Monday after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines.

Shanghai, Tokyo, Hong Kong and Seoul advanced.

Wall Street’s advance Friday was led by stocks that would benefit if vaccinations and government spending boost the U.S. economy as much as expected.

Vaccines and stimulus have “helped to create an aura of high optimism,” John Bilton of JP Morgan Asset Management said in a report. He said “above-trend global growth” should last into 2022 and regions such as Europe that are at “peak pessimism” due to vaccine delays should accelerate later this year.

The Shanghai Composite Index rose 0.7% to 3,443.55 and the Nikkei 225 in Tokyo advanced 1.1% to 29,484.57. The Hang Seng in Hong Kong added 0.3% to 28,437.46.

The Kospi in Seoul was up less than 0.1% at 3,043.55 while Sydney’s S&P-ASX 200 shed 0.2% to 6,808.20. New Zealand an

d Southeast Asian markets advanced.

Markets have been swinging between optimism that vaccines might allow business and travel to return to normal and anxiety over setbacks in distribution and concern about possible inflation after massive government stimulus.

Investors were jolted last week by news Egypt’s Suez Canal, one of the busiest trade routes, was blocked by a cargo ship that became wedged into the waterway.

On Wall Street, the S&P rose 1.7% on Friday to 3,974.54. A quarter of that gain came in the last five minutes of trading. That produced a weekly gain of 1.7% after a 0.8% decline the previous week.

The Dow Jones Industrial Average rose 1.4%, to 33,072.88. The Nasdaq composite climbed 1.2%, to 13,138.72, though it is is 6.8% below last month’s record high.

U.S. stocks have benefited from President Joe Biden’s proposal for higher spending on infrastructure. Steelmaker Nucor climbed 8.9% and miner Freeport-McMoRan rose 5.9%.

In energy markets, benchmark U.S. crude lost $1.04 to $59.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to $60.97 on Friday. Brent crude, the basis for international oil prices, retreated 96 cents to $63.47 per barrel in London. It advanced $2.62 the previous session to $64.57.

The dollar declined to 109.49 yen from Friday’s 109.69 yen. The euro edged down to $1.1787 from the previous session’s $1.1790.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Asian stocks advance on vaccine, stimulus optimism
Asian stocks rose Monday after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines
12:09AM ( 9 minutes ago )
Container ship stuck in Suez Canal 'partially refloated'
A canal services firm says  salvage teams have “partially refloated” the colossal container ship that remains wedged across the Suez Canal, without providing further details about when the vessel would be wedged free
12:03AM ( 14 minutes ago )
ACC ends forgettable season with early NCAA Tournament exit
The Atlantic Coast Conference had a regular season that didn't live up to this league's lofty standards
12:00AM ( 18 minutes ago )
Associated Press (AP)
The Latest: Metro Manila, outlying provinces go on lockdown
Philippine officials placed Metropolitan Manila and four outlying provinces, a region of more than 25 million people, back to a lockdown Monday at the height of the Lenten and Easter holiday travel season as they scrambled to control an alarming surge in coronavirus infections
11:22PM ( 55 minutes ago )
The Latest: Brisbane, Australia will go into lockdown
Australia’s third-largest city Brisbane will enter a three-day lockdown Monday evening after the coronavirus was found spreading in the community
8:12PM ( 4 hours ago )
New York lawmakers agree to legalize recreational marijuana
New York lawmakers have finalized an agreement to legalize recreational marijuana sales to adults over the age of 21
7:34PM ( 4 hours ago )
AP Business
Path from Clinton to Biden takes U-turn on debt, trade, more
Times have changed since the 1990s
7:46AM ( 16 hours ago )
Pope on pandemic's second year: Weariness, economic hardship
For a second time in the pandemic, Pope Francis is leading Holy Week ceremonies without the usual crowds of pilgrims and tourists
7:30AM ( 16 hours ago )
China sanctions US, Canadian officials over Xinjiang
China has announced new sanctions against U.S. and Canadian officials in a growing political and economic feud over its policies in the traditionally Muslim region of Xinjiang
11:38PM ( 1 day ago )
AP Business - Economy
The eviction moratorium is expiring. What will Biden do?
President Joe Biden’s administration is cutting things close on a nationwide eviction moratorium, which is set to expire in less than a week
12:30AM ( 1 day ago )
S&P 500 returns to a record high after best day in weeks
U.S. stocks burst to their best day in three weeks Friday, helping Wall Street to return to record heights and avoid what could have been a second straight weekly loss
4:39PM ( 2 days ago )
Stocks climb, erasing weekly losses for the S&P 500 index
Stocks rose on Wall Street Friday, erasing the market’s losses from earlier in the week and avoiding a second straight weekly drop for the S&P 500
4:06PM ( 2 days ago )
AP Business - Financial Markets
The Latest: Paris hospitals nearly overwhelmed by virus
Critical care doctors in Paris say surging coronavirus infections could soon overwhelm their ability to care for the sick in the French capital’s hospitals, possibly forcing them to choose which patients to treat
8:27AM ( 15 hours ago )
New attempts planned to free huge vessel stuck in Suez Canal
Authorities are preparing to make new attempts to free a giant container vessel stuck in Egypt's Suez Canal for a fifth day and reopen a crucial east-west waterway for global shipping
11:24AM ( 1 day ago )
Suez Canal remains blocked amid efforts to free stuck vessel
Authorities are preparing to make new attempts to free a giant container vessel stuck in Egypt's Suez Canal for a fifth day and reopen a crucial east-west waterway for global shipping
4:10AM ( 1 day ago )
AP Business - Industries
Yemen rebels hit, set ablaze fuel tank in south Saudi Arabia
A fuel tank at an oil facility in Saudi Arabia caught fire after being struck in an attack claimed by Yemen's Houthi rebels
6:17AM ( 2 days ago )
Egypt races to dislodge giant vessel blocking Suez Canal
A giant container ship remains stuck sideways in Egypt’s Suez Canal
6:13AM ( 2 days ago )
EXPLAINER: Sanctioned Myanmar army businesses span spectrum
The two huge Myanmar military-controlled conglomerates targeted by U.S. and UK sanctions following the army coup last month span a wide spectrum of businesses
4:43AM ( 2 days ago )
AP Business - Utilities
Container ship stuck in Suez Canal 'partially refloated'
A canal services firm says  salvage teams have “partially refloated” the colossal container ship that remains wedged across the Suez Canal, without providing further details about when the vessel would be wedged free
12:03AM ( 14 minutes ago )
ACC ends forgettable season with early NCAA Tournament exit
The Atlantic Coast Conference had a regular season that didn't live up to this league's lofty standards
12:00AM ( 18 minutes ago )
Unbeaten Zags keep rolling with 83-65 rout of Creighton
Top-seeded Gonzaga did against Creighton what it’s done throughout this unblemished season
11:58PM ( 19 minutes ago )
Video of Floyd arrest may appear early at ex-cop's trial
A former Minneapolis police officer goes on trial Monday in George Floyd’s death, and jurors may not wait long to see parts of the bystander video that caught Derek Chauvin’s knee on Floyd’s neck
11:47PM ( 30 minutes ago )
Shooter at Kansas Jewish centers appeals death sentence
An avowed anti-Semite who fatally shot three people at two suburban Kansas City Jewish sites in 2014 is asking the Kansas Supreme Court to overturn his death sentence
11:46PM ( 32 minutes ago )