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Asian stocks slightly stronger as data lifts spirits

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The concern that surging coronavirus cases in the US may derail the world’s recovery before it begins puts equities under pressure

An investor sits in front of displays showing stock information at a brokerage office in Beijing, China. Picture: REUTERS/THOMAS PETER

But virus cases surged, too, with the US recording 47,000 infections on Tuesday, its biggest single-day spike since the pandemic began. The moves follow a strong finish to the quarter on Wall Street and also a loss of momentum in recent weeks as US infection rates have surged, with some states reimposing restrictions on business and personal activity.

“Clearly we are not in total control right now,” the country’s top infectious disease expert, Anthony Fauci, told a Senate committee on Tuesday, adding that cases could increase by as much as 100,000 daily if the outbreak is not contained. The laws have already prompted Washington to begin dismantling Hong Kong’s special status under US law.

The dollar held gains against most majors and slipped on the safe-haven yen, last buying ¥107.68 and trading at $0.6909 per Australian dollar.

 

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