Asian Equities Steady After U.S. Correction

08 / 02
06 : 40

Asian Equities Steady After U.S. Correction Asian Equities Steady After U.S. Correction

KOSPI 50 Pazar eğilimleri

US stock markets reported losses overnight, but Asian markets have not fallen suit in Wednesdays trade. Stock markets across Asia are remarkably calm after the falls seen on Wall Street overnight, with most regional bourses at or near unchanged for the day. Sentiment has been boosted by a minuscule move higher by the US aftermarket contracts. More likely, though, the small gains shown by mainland China and Hong Kong are calming nerves.

US exchanges finally had a small corrective move lower overnight, ending a five-day winning streak. The fell 1.10%, the fell 0.86%, and the fell 1.51%. COVID-19 nerves have eroded confidence and caused equity markets to blink, but for now, the move looks technical and not structural.

In Asia, the and are down 0.20%, with , and all flat on the day thus far. China’s mainland continues to edge higher though, as retail investors assume a government back-stop after exhorting them to get long on Monday. The is up 0.70%, the is 0.60% higher and the of 0.50% higher, led by gains in Tencent Holdings Ltd ADR (OTC:).

The new lockdown of Melbourne for six weeks and the closing of the Victorian border with New South Wales, is weighing on markets Down Under. The is down 0.75%, the down by 0.30%, with lower by 0.60%.

COVID-19 worries are genuine. All in all, the equity markets have posted an impressive rally since the dark days of March. That investors are finally acknowledging this fact is more due to the overbought nature of the short-term market and not a structural turn in sentiment. That will likely require an escalation in lockdowns across the US Sunbelt states. The solidity of Asian markets today will bring some relief to investors, with Europe likely to follow suit.

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