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Asia Markets move up as Wall Street witnessed strong day

Syed Umarullah HussainiWeb Editor

07th Apr, 2020. 07:48 am
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Markets in Asia

Markets in Asia Pacific moving up after Wall Street’s best day in two weeks.

CNN reported that Japan’s Nikkei advanced 2.3% in Tuesday trade.

South Korea’s Kospi (KOSPI) increased 1%, and Hong Kong’s Hang Seng (HSI) moved up 0.8%.

However Australia’s S&P/ASX 200 improved 0.2%. China’s Shanghai Composite (SHCOMP) increased 1.4%, reopening after Monday’s holiday.

Wall Street rallied Monday on optimism that the global coronavirus pandemic could be stabilizing. The Dow ended the day up 7.7%, and the S&P 500 and Nasdaq both closed around 7% higher.

Dow (INDU) futures were last down 0.1%, or 20 points. S&P 500 (SPX) futures were flat.

Nasdaq (COMP) futures fell 0.2%.

Business Analysts say that there are signs that investors might no longer be quite as concerned about coronavirus and its effects on the economy as they have been in recent weeks.

Fear & Greed Index, which looks at the VIX (VIX) volatility gauge and six other measures of market sentiment, is now registering Fear levels as opposed to Extreme Fear.

The index is at 32. Anything at 25 or under is Extreme Fear.

But there are still likely challenges ahead.

The US surgeon general said this week is going to be the “hardest and saddest” for Americans as the coronavirus outbreak continues to devastate the country.

And JPMorgan Chase (JPM) CEO Jamie Dimon said in his annual shareholder letter on Monday he expects a “bad recession” because of the impacts of coronavirus on the economy.

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