Asian stocks mostly higher as trade, virus treatment hopes lift mood

SINGAPORE/HONG KONG - Asia’s stock markets were mostly higher on Tuesday as investors cheered signs of progress in U.S.-China trade negotiations and following a fresh Wall Street rally.

Markets worldwide were boosted when U.S. regulators on Sunday authorised the use of blood plasma from recovered COVID-19 patients as a treatment option, helping the S&P 500 1% higher to another record close overnight. “The strong rebound in markets continues to be driven by the large amounts of money governments and central banks keep throwing at the system,” Milroy said.

That seemed to overshadow a rise in coronavirus cases in Europe and the first documented case of human re-infection with COVID-19, where a man in Hong Kong caught the virus again some four months after first being infected. Investors now await a Thursday speech from Federal Reserve chairman Jerome Powell and expect he might address the future approach to inflation and allow it to run hotter than 2% to make up for years of undershooting.

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