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Asian stocks grind higher as focus turns to earnings

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Asian equity markets ground higher as investors tried to look past gathering Sino-U.S. tension and renewed coronavirus lockdowns to upcoming company earnings, hoping that global stimulus efforts will yield upbeat outlooks.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6% and touched a 20-week high as Chinese stocks extended their extraordinary rally.The Chinese yuan rose to a four-month high of 6.9872 per dollar and the greenback sat near a one-month low against a basket of currencies. [FRX/]

“Even before we think of COVID-19 virus divergence indicators, there are enough money and related financial indicators consistent with a dollar/yuan below 7,” he said. The mood lifted Australia’s S&P/ASX 200 1%, though New Zealand’s benchmark fell nearly 2% after a Rio Tinto plan to close an aluminium smelter hit energy stocks. [.AX]

Five million Australians are under strict stay-at-home rules in the country’s second largest city of Melbourne. “Earnings season is upon us, and we really want to see what it looks like,” said Jun Bei Liu, a portfolio manager at Australia’s Tribeca Investment Partners. The focus will be on the outlook as well as on understanding how deeply stimulus efforts have flowed through the real economy, she said.

 

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