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ASIAN STOCK MARKETS RISE TRACKS WALL STREET ADVANCE
- By The Financial District
- Apr 14, 2021
- 2 min read
Asian stock markets rose Wednesday after Wall Street hit a high following an uptick in US inflation and an order by regulators to suspend use of Johnson & Johnson’s coronavirus vaccine, Joe McDonald reported for the Associated Press (AP) on April 14, 2021.
Shanghai, Hong Kong, Seoul and Sydney rose, while Tokyo was off less than 0.5%. On Wall Street, the benchmark S&P 500 index closed 0.3% higher in choppy trading.
Tech and consumer stocks gained on optimism the vaccine rollout will allow business activity to return to normal. J&J declined after US regulators suspended use of its single-dose vaccine to investigate possibly dangerous blood clots.
The US government reported consumer prices increased by a stronger-than-expected 0.6% in March, the fastest rate since 2012.
Higher inflation normally fuels fears interest rates might be raised to keep prices stable, but the Federal Reserve has said the economy will be allowed to “run hot” to ensure a recovery is in place.
Traders “took the well-telegraphed inflation ‘pick-up’ in stride,” said Stephen Innes of Axi in a report. Market also are “seemingly unfazed” by the J&J suspension.
The Shanghai Composite Index gained 0.4% to 3,408.51 while the Nikkei 225 in Tokyo shed 0.3% to 29,676.30. The Hang Seng in Hong Kong advanced 1.2% to 28,849.09. The Kospi in Seoul was up less than 0.1% at 3,171.18 and Sydney’s S&P-ASX 200 gained 0.6% to 7,022.30.
New Zealand and Jakarta advanced while Singapore declined. On Wall Street, the S&P 500 rose to 4,141.59. The Dow Jones Industrial Average fell 0.2% to 33,677.27. The Nasdaq, which has more technology stocks, gained 1.1% to 13,996.10.
Apple rose 2.4% and Microsoft gained 1%. Technology stocks have been boosted by expectations Americans will shift even more to online buying and entertainment following the pandemic. Johnson & Johnson fell 1.3%. Moderna, which also makes a COVID-19 vaccine, climbed 7.4%.
