· Asia stocks rebound as hopes of more stimulus offset virus worries
Asian shares eked out gains and U.S. stock futures bounced back on Friday as hopes of more government spending around the globe outweighed concerns about rising coronavirus infections and worsening tensions between Washington and Beijing.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced , paring some of its losses the previous day, while Nikkei slid on concerns about rising virus infections in Tokyo.0.4%2%0.3%
Market watchers said investors are counting on U.S. policymakers to adopt more stimulus measures as the world’s largest economy struggles to contain the epidemic, with some existing programmes to support businesses set to expire within weeks.
The U.S. Congress is set to begin debating such a package next week, as several states in the country’s south and west implement fresh lockdown measures to curb the virus.
· Tokyo stocks close lower on record virus cases
Tokyo stocks closed lower on Friday as market sentiment worsened after the capital's governor announced a fresh record number of daily coronavirus infections.
The benchmark Nikkei 225 index fell 0.32 percent or 73.94 points to end at 22,696.42. It was up 0.8 percent over the week.
The broader Topix index slid 0.33 percent or 5.21 points to 1,573.85. It grew 1.4 percent over the week.
Tokyo Governor Yuriko Koike said there were 293 new COVID-19 infections in the capital, breaking the record set the day before.
The increasing number of daily cases in Tokyo has forced the government to scale down its subsidies programme aimed at boosting tourism, limiting it to people living outside the capital.
· Shanghai stocks have worst week in 5 months on policy worries, foreign selling
Shanghai shares managed to end higher on Friday, but still suffered their worst weekly drop in five months, as China’s better-than-expected GDP data fuelled worries over the pace of policy easing, while foreign investors cashed in after a bull run.
At close, the blue-chip CSI300 index was up 0.6% to 4,544.70 points, while the Shanghai Composite Index had added 0.1% for 3,214.13 points.
China stocks posted their biggest fall in more than five months on Thursday, as investors cooled a buying spree on worries of policy tightening after economic growth in the second quarter beat expectations.
· European stocks inch higher as EU leaders meet for stimulus talks; Autos up 2.1%
European stocks opened cautiously higher Friday as European Union leaders to discuss a deal on the bloc’s key coronavirus recovery package, while U.S. cases continue to soar.
The pan-European Stoxx 600 added 0.2% at the start of trading, with autos surging 2.1% to lead gains while travel and leisure stocks slid 0.2%.
European leaders will meet in Brussels on Friday looking to hash out a deal on the proposed 750 billion euro ($853.8 billion), which could face opposition from the “frugal four” member states of Austria, Denmark, Sweden and the Netherlands. The bill may also be subject to a veto from Hungary, which has opposed linking the distribution of funds with the upholding of the EU’s democratic values.
Market focus also remains attuned to the consistent rise of coronavirus cases in the U.S., with a Reuters tally putting new cases on Thursday at 77,000, by far a new daily record.
Thai
Eng