A state of emergency in key parts of Japan including Tokyo caused the country's economy to shrink more than expected in the first quarter.NEW YORK - Wall Street followed Europe and Asia higher at the open Tuesday, as investors shook off concerns over inflation and rising coronavirus infections in some countries and weak GDP readings in the eurozone and Japan.
"Markets appear to be focusing at the moment on 2021 economic prosperity as vaccines continue to ramp up in the US and Europe," Charles Schwab analysts wrote. Lower output didn't hold Tokyo's stock market back from leading Asian gains, while Taiwan and Singapore defied fears of spreading coronavirus variants to close higher.The eurozone's January-March growth reading was"old news", Capital Economics analyst Jack Allen-Reynolds commented, saying that"more recently the economy is likely to have begun to recover" as countries ease restrictions.
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