Tuesday, 30 Jun 2020 10:50 AM MYT
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.9 per cent, while US stock futures, the S&P 500 e-minis, advanced 0.23 per cent. Hong Kong stocks jumped 1.18 per cent, undeterred by the Chinese parliament’s passage of a security law that will increase Beijing’s control over the former British colony.
“Overnight moves in markets were not large but one does get the distinct impression that markets have got it both ways — with equities rallying on rebounding data and bonds rallying on dismal Covid-19 news,” said ANZ Research analyst Rahul Khare. China’s official purchasing managers’ index released today showed factory activity in the world’s second-largest economy grew for a fourth straight month in June. China’s services sector PMI also expanded at a faster pace compared to the previous month.