Bangkok (AP) – Asian stocks were mixed on Friday after a rebound on Wall Street broke three days in a row.

Benchmarks rose in Tokyo, Taipei and Sydney, but fell in Hong Kong and Shanghai.

Investors have been encouraged by the latest US employment data, which shows few Americans are claiming unemployment benefits. This is another sign that an economic recovery is underway.

A preliminary study of the Purchasing Managers’ Index (PMI) of Japanese manufacturing spirit in May showed that it had weakened from the previous month. A similar trend was observed in services. These services are the most affected by the precautionary measures recently ordered to counter the worst coronavirus outbreak on record in the country. A state of emergency has been declared in Tokyo and several other cities and regions and is expected to increase further in the future.

“The drop in the service PMI from 49.5 to 45.7 is the biggest drop since the first emergency in April last year, the first time in nine months,” said Marcel Tieriant of Capital Economics. I made the lowest price for it. “

“This suggests that the stricter measures imposed in the third state of emergency, including the closure of department stores, bars and restaurants, are focused on activities.”

Still, Tokyo’s Nikkei 225 index rose 0.8% to 28,317.83. The Australian S & P / ASX 200 rose 0.2% to 7,030.30. In Hong Kong, the Hang Seng Index was below 0.1% at 28,436.79, while Seoul’s Kospi was down 0.2% at 3,156.42. The Shanghai Composite Index fell 0.6% to 3,486.37.

“Wall Street rebounded overnight and daytime pursuers continued to dominate the roost, but Asia was clearly removed as caution rather than vibrant rules,” Oanda’s Jeffrey Halley said in a comment. I have. “

On Thursday, the S&P 500 rose 1.1% to 4,159.12. The Dow Jones Industrial Average rose 0.6% to 34,084.15. The highly technological Nasdaq outperformed other markets, up 1.8% to 13,535.75.

Equities of SMEs also recorded an increase. The Russell 2000 Index rose 0.6% to 2,207.76.

Technology and telecommunications stocks made up the majority of the rally. Apple rose 2.1% and parent of Google Alphabet rose 1.6%. Almost every sector in the S&P 500 rose, but the decline in oil prices caused stock prices in the energy sector to fall. The sector is the most profitable to date this year, with a profit of 36%.

Investors are pursuing their inflation potential down the road. With the post-pandemic economic recovery that has skyrocketed the prices of everything from gasoline to wood this year, investors fear that high inflation may cause the Federal Reserve to withdraw its stimulus measures. ..

Number of Americans seeking unemployment assistance Last week it fell to 444,000. This is a new low level of the pandemic, a sign that the labor market is recovering as consumers are free to spend again, viral infections are reduced and trade restrictions relaxed.

Part of that drop could be facilitated by the Republican governor who chose not to allow residents to claim the additional $ 300 benefit provided with the latest financial relief program. This move could push more people back into the workforce.

Despite positive economic data, Treasury yields almost fell. 10-year government bond yields remained stable at 1.63%.

Bitcoin prices continued to rise, rising in the morning but falling later in the day. According to online brokerage firm Coinbase, it was down 0.2% to $ 39,938.25.

In other transactions, e-commerce on the New York Mercantile Exchange raised US benchmark crude oil 23 cents to $ 62.17 per barrel. It lost $ 1.94 to $ 61.94 a barrel on Thursday.

International standard Brent crude added 9 cents to $ 65.17 a barrel.

The US dollar rose from 108.78 yen to 108.79 yen on Thursday night. The euro went from $ 1.2229 to $ 1.2227.

Asian mixed stocks after the Wall Street rebound that broke through a three-day crisis | Business

Source link Asian mixed stocks after Wall Street rebound after three-day drop | Business