· Australian markets jump more than 2% as Asia stocks mostly rise
Stocks in Asia Pacific were mostly higher on Tuesday as investor sentiment continues to remain elevated amid an easing of coronavirus lockdown measures.
Shares in Australia, which returned to trade following a Monday holiday, led gains in the region’s major markets as the S&P/ASX 200 surged 2.44% to close at 6,144.90. The financial subindex rose 4.84% as shares of the country’s so-called Big Four banks soared: Commonwealth Bank of Australia was up 5.05%, Westpac jumped 5.8%, Australia and New Zealand Banking Group added 6.22% and National Australia Bank gained 5.08%.
Overall, the MSCI Asia ex-Japan index advanced 1%.
Markets have seen recent positive momentum as hopes rise of an economic recovery from the coronavirus pandemic. Still, the World Bank said Monday that it forecasts the global economy to shrink by 5.2%, representing the deepest recession since the Second World War.
· China stocks end higher on optimism about swift economic revival
China stocks ended higher on Tuesday, tracking gains in broader markets, as easing of coronavirus-induced lockdowns in many countries continued to fuel optimism about a quick economic recovery.
At the close, the Shanghai Composite index was up 0.62% at 2,956.11.
· European markets retreat despite hopes of economic recovery
The pan-European Stoxx 600 slid 0.3% in early trade. Banks and autos fell by more than 3%, while health care stocks bucked the trend to climb 1.6%.
European markets are following their Asian counterparts in mixed trade Tuesday, despite an overnight rally stateside that saw the S&P 500 erasing its losses and entering positive territory for the year.
Attention on Tuesday will be on the U.S. Federal Reserve which begins a two-day policy meeting. Investors will be waiting for the Fed’s statement on interest rates Wednesday, followed by a press conference led by Chairman Jerome Powell. The Fed is expected to reiterate its commitment to unlimited asset purchases.
Reference: CNBC, Reuters
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