Asian stocks lose gains while Hong Kong shares extend losses

A man walks past an electronic display showing Asian markets indices outside a brokerage in Tokyo last week. Picture: REUTERS

Japan’s Nikkei jumped 1.5% after the Nikkei newspaper reported the country is considering a fresh stimulus package to the value of more than $929bn that will consist mostly of financial aid programmes for companies hit by the coronavirus pandemic.“Rising tensions between the US and China around Hong Kong, trade policy and who is responsible for the 2020 economic dislocation is threatening to end the post March-trough rally,” said Perpetual analyst Matthew Sherwood.

Governments across countries have also announced heavy spending to support economic growth. But optimism about economic reopenings and stimulus is fading. The US commerce department responded by adding 33 Chinese companies and other institutions to a blacklist for human rights violations and to address US national security concerns.

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