MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.6 percent, following a strong Wall Street close. Shares in China, where the novel coronavirus first emerged late last year, rose 0.54 percent. Australian shares were up 1.52 percent. It comes after Wuhan, where coronavirus was first reported in China at the start of the year, lifted its lockdown measures this week.
Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co in Tokyo, said: “There are signs that infections are peaking, which is leading to the change in market sentiment.
“We still need to be very careful, because this is not purely an economic problem.
“It’s more like a natural disaster and, therefore, harder to predict.”
The S&P 500 gained 3.41 percent on Wednesday, helped by hopes the pandemic was nearing its peak. However, U.S. stock futures gave up earlier gains to be down 0.27 percent.
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The Dow Jones Industrial Average has seen a rising strength line, which highlights its recent outperformance on the S&P 500 index.
However, the RS line for the Nasdaq composite has fallen behind due to the coronavirus stock market rally.
This also includes Apple stock and Amazon stock, according to Investor’s Business Daily.
The RS line for Microsoft stock has continued to power ahead, while Dexcom stock and Nvidia stock had strong RS lines until the past few days.
Trump, who is seeking to be reelected in the presidential election on November 3, wants to get the economy going again as soon as possible.
However, his medical advisers are urging the president to put these plans on hold as returning to normal life too early could lead to a second deadly outbreak.
Speaking at a White house news briefing Trump said: “We’re ahead of schedule.”
He said the economy could be reopened in phases.
However, Trump said he thought “it would be nice to open with a big bang.”
Published at Thu, 09 Apr 2020 04:18:00 +0000