Asian stocks rise, boosted by US earnings
Asia Pacific stocks rose on Thursday morning, riding the impetus brought by positive US company earnings that alleviated worries about the global economic recovery from the COVID-19 pandemic.
South Korea’s KOSPI went up 0.97% by 10:23 PM ET (2:23 AM GMT). Meanwhile, Hong Kong’s Hang Seng climbed up 1.74% as China’s Shanghai Composite and Shenzhen Component rose 0.17% and 0.18%, respectively.
Japanese markets, however, were closed for a holiday, a day before the Tokyo Olympic Games’ opening ceremony on Friday.
In Australia, the ASX 200 gained 0.93% as Queensland shut its border with New South Wales to prevent the spread of Sydney’s COVID-19 outbreak. The National Australia Bank (NAB) Quarterly Business Confidence index also showed a lower-than-expected 17.
Going over to the US, benchmark 10-year US Treasury yields inched nearer the 1.3% mark, with the approaching conclusion of a recent bond rally and a poor auction of 20-year debt.
In related news, Jerome Powell will likely be staying for a second term as Fed Chairman, despite the decision not being due until later in the year.