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ASIA STOCKS RISE ON POSITIVE US, CHINA NEWS

Asian markets were poised to follow Wall Street’s firm lead on Tuesday as the sentiment boost from upbeat US data outweighed the threat of rising COVID-19 infections in the world’s largest economy, Imani Moise reported for Reuters on June 30, 2020.


Investors cheered strong US housing data that showed a bounce back in home sales, and are anticipating positive jobs data later this week as the US jobs numbers are expected to tick up as people head back to work

“Overnight moves in markets were not large but one does get the distinct impression that markets have got it both ways – with equities rallying on rebounding data and bonds rallying on dismal COVID-19 news,” said ANZ Research analyst Rahul Khare.

Australian S&P/ASX 200 futures rose 1.15% while Japan’s Nikkei 225 futures ticked up 0.11%. Hong Kong’s Hang Seng index futures climbed 0.62%. In Asia, investor focus will be on China’s official purchasing managers’ index (PMI), which is expected to show factory activity grew for a fourth straight month in June albeit at a slower pace, raising concerns the recovery in the world’s second-largest economy may be stalling.

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