Asian shares rally as investors focus on earnings
Asian equity markets advanced as investors disregarded the implications of renewed virus lockdowns and emerging Sino-U.S. dispute. Instead, they focused on upcoming company earnings, hoping that global stimulus efforts will render positive outlooks.
MSCI’s broadest of Asia-Pacific shares outside Japan jumped 0.6%, securing a 20-week high as Chinese stocks advanced further. Japan’s benchmark index Nikkei soared 0.2%.
China’s blue-chip index recorded eight winning sessions on Thursday, gaining a total of 0.6% enough to hit its five-year high. The Shanghai composite index increased by the same margin and at its highest level since 2018.
Australia’s S&P/ASX 200 also advanced with a 0.1% gain. However, New Zealand’s benchmark dropped nearly 2% after a Rio Tinto plan to close an aluminum smelter dragged energy stocks.