The major Asia-Pacific stock indexes finished mixed but mostly higher on Tuesday after the U.S. and China indicated progress in trade talks, and as hopes of new coronavirus treatments boosted broader sentiment among global investors.
The upbeat sentiment in Asia on Tuesday followed reports that top U.S. and Chinese officials see progress in resolving concerns around the Phase 1 trade deal reached between the two countries in January, Reuters reported.
The markets have also been supported by broader optimism about medical solutions to end the coronavirus pandemic. U.S. regulators on Sunday authorized the use of blood plasma from recovered COVID-19 patients as a treatment option, helping the S&P 500 1% higher to another record close overnight.
In the cash market on Tuesday, Japan’s Nikkei 225 Index settled at 23296.77, up 311.26 or +1.35%. Hong Kong’s Hang Seng Index finished at 25486.22, down 65.36 or -0.26% and South Korea’s KOSPI Index closed at 2366.73, up 36.90 or +1.58%.
China’s Shanghai Index settled at 3373.58, down 12.06 or -0.36% and Australia’s S&P/ASX 200 finished at 6161.40, up 31.80 or +0.52%.
Global Airline Shares Jump
Shares of airlines in the Asia Pacific region rose on Tuesday, following their counterparts in the United States. The move was driven by the positive coronavirus developments.
In Hong Kong, shares of China Eastern Airlines jumped 4% while China Southern Airlines surge 5.19%. Similar gains were seen in Japan, where ANA Holdings soared 7.18%. Meanwhile in Singapore, Singapore Airlines added 3.26%.
South Korean Stocks See Biggest Gain in a Month on Trade Hopes
South Korean shares posted their sharpest gain in nearly a month, after the United States and China indicated progress in their trade talks and daily COVID-19 infections in the country eased from their peaks.
Top U.S. and Chinese officials see progress on resolving issues over the Phase 1 trade deal reached in January and both sides are committed to the success of the agreement, the U.S. Trade Representative’s Office said.
South Korea reported 280 new infections as of midnight Monday, a drop in daily new cases from 397 as of Saturday midnight.
In other news, the Bank of Korea is expected to keep interest rates on hold on Thursday as it weighs concerns about rising household debt and property taxes. #AsianMarket##StockMarket#
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