Asian stocks rise, boosted by 're-opening optimism' - CNN

Japan's Nikkei 225 (N225) climbed 2.6%, leading the way in the region.

Japan's Prime Minister Shinzo Abe on Monday lifted the state of emergency for the entire nation, as the coronavirus outbreak there eases.

Abe is also eyeing a fresh stimulus package, saying that he would work to increase the government's stimulus packages to more than 200 trillion yen ($1.9 trillion), or about 40% of the annual output of the world's third biggest economy. Japan's cabinet is expected to approve the new package on Wednesday.

Meanwhile, Hong Kong's Hang Seng Index (HSI) advanced around 2%, adding to Monday's gains.

In Hong Kong, investors are moving on from last week's sharp losses. On Friday, the Hang Seng had its worst day in nearly five years after Beijing moved to pass a controversial national security law, a blow to the financial hub's autonomy.

China's foreign ministry commissioner in Hong Kong, Xie Fang, moved to reassure rattled investors on Monday evening. The legislation won't affect freedoms of speech, press, publication and assembly, Xie said, according to state-run news agency Xinhua.

Xie added that the controversial legislation will protect the law-based operation of international businesses in Hong Kong.

The "clouds of dust in Hong Kong have settled quicker than anyone had expected. Local risk sentiment isn't nearly as gnarly as everyone had feared," Stephen Innes, global market strategist at AxiCorp, wrote in a note on Tuesday.

There is also a sense of "re-opening optimism" among investors, said Innes. They are upbeat about lockdowns in the United States and elsewhere coming to an end.

South Korea's Kospi Index (KOSPI) was up about 1.6%. China's Shanghai Composite (SHCOMP) and India's Sensex both increased about 0.7%.

US stock futures also rose, as Americans crowded onto packed beaches in Florida, Maryland, Georgia, Virginia and Indiana for the Memorial Day weekend. Many states have begun lifting the restrictions of businesses and public spaces.

Dow futures are up 460 points, or around 1.9%. Futures for S&P were up 1.8% and Nasdaq futures were up about 1.9%.

Oil prices, meanwhile, jumped during Asian trading hours Tuesday. US crude futures were up 3.4% to trade at $34.38 per barrel. Brent crude, a global oil benchmark, rose 1.9% to $36.22 per barrel.

CNN's Laura He and Kaori Enjoji contributed to this report.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiQWh0dHBzOi8vd3d3LmNubi5jb20vMjAyMC8wNS8yNS9pbnZlc3RpbmcvZ2xvYmFsLXN0b2Nrcy9pbmRleC5odG1s0gFFaHR0cHM6Ly9hbXAuY25uLmNvbS9jbm4vMjAyMC8wNS8yNS9pbnZlc3RpbmcvZ2xvYmFsLXN0b2Nrcy9pbmRleC5odG1s?oc=5

2020-05-26 05:55:00Z
52780810897736