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Asia stocks touch four-month top on dogged optimism

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Asian stocks were expected to come under pressure on Wednesday, as a spike in new coronavirus infections weighed on sentiment, although U.S.

SYDNEY: Asian shares crept to a four-month high on Wednesday as investors remained stubbornly upbeat on the outlook for a re-opening of the global economy even as cases of the coronavirus looked to be accelerating to new peaks.

News on the coronavirus was hardly encouraging with several U.S. states seeing record infections and the death toll in Latin America passing 100,000 on Tuesday, according to a Reuters tally. "This outcome largely appears to be due to the tech sector outperforming non-tech, most likely reflecting in part a temporary work-from-home boost to demand."

"The dollar and risk sentiment are likely to remain broadly negatively correlated, barring the U.S. displaying clear and enduring leadership in the global economic recovery, something hard to square with the grim U.S. news on COVID," said Ray Attrill, head of FX strategy at NAB.

 

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