Live Updates: COVID-19 Cases
  • World 21,100,965
    World
    Confirmed: 21,100,965
    Active: 6,393,603
    Recovered: 13,949,348
    Death: 758,014
  • USA 5,416,014
    USA
    Confirmed: 5,416,014
    Active: 2,401,950
    Recovered: 2,843,642
    Death: 170,422
  • Brazil 3,229,621
    Brazil
    Confirmed: 3,229,621
    Active: 767,417
    Recovered: 2,356,640
    Death: 105,564
  • India 2,464,316
    India
    Confirmed: 2,464,316
    Active: 663,310
    Recovered: 1,752,829
    Death: 48,177
  • Russia 912,823
    Russia
    Confirmed: 912,823
    Active: 174,361
    Recovered: 722,964
    Death: 15,498
  • South Africa 572,865
    South Africa
    Confirmed: 572,865
    Active: 123,978
    Recovered: 437,617
    Death: 11,270
  • Peru 507,996
    Peru
    Confirmed: 507,996
    Active: 134,342
    Recovered: 348,006
    Death: 25,648
  • Mexico 505,751
    Mexico
    Confirmed: 505,751
    Active: 108,951
    Recovered: 341,507
    Death: 55,293
  • Chile 380,034
    Chile
    Confirmed: 380,034
    Active: 16,604
    Recovered: 353,131
    Death: 10,299
  • Spain 355,856
    Spain
    Confirmed: 355,856
    Active: 327,251
    Recovered: ?
    Death: 28,605
  • Iran 338,825
    Iran
    Confirmed: 338,825
    Active: 25,683
    Recovered: 293,811
    Death: 19,331
  • UK 313,798
    UK
    Confirmed: 313,798
    Active: 272,451
    Recovered: ?
    Death: 41,347
  • Saudi Arabia 294,519
    Saudi Arabia
    Confirmed: 294,519
    Active: 30,823
    Recovered: 260,393
    Death: 3,303
  • Pakistan 287,300
    Pakistan
    Confirmed: 287,300
    Active: 15,932
    Recovered: 265,215
    Death: 6,153
  • Bangladesh 271,881
    Bangladesh
    Confirmed: 271,881
    Active: 111,667
    Recovered: 156,623
    Death: 3,591
  • Italy 252,235
    Italy
    Confirmed: 252,235
    Active: 14,081
    Recovered: 202,923
    Death: 35,231
  • Turkey 245,635
    Turkey
    Confirmed: 245,635
    Active: 11,666
    Recovered: 228,057
    Death: 5,912
  • Germany 222,269
    Germany
    Confirmed: 222,269
    Active: 12,188
    Recovered: 200,800
    Death: 9,281
  • France 209,365
    France
    Confirmed: 209,365
    Active: 95,505
    Recovered: 83,472
    Death: 30,388
  • Canada 121,234
    Canada
    Confirmed: 121,234
    Active: 4,666
    Recovered: 107,553
    Death: 9,015
  • China 84,786
    China
    Confirmed: 84,786
    Active: 690
    Recovered: 79,462
    Death: 4,634
  • Netherlands 61,204
    Netherlands
    Confirmed: 61,204
    Active: 55,039
    Recovered: ?
    Death: 6,165
  • Australia 22,743
    Australia
    Confirmed: 22,743
    Active: 9,018
    Recovered: 13,350
    Death: 375
  • S. Korea 14,873
    S. Korea
    Confirmed: 14,873
    Active: 705
    Recovered: 13,863
    Death: 305
  • New Zealand 1,602
    New Zealand
    Confirmed: 1,602
    Active: 49
    Recovered: 1,531
    Death: 22

Global shares gain on hopes for recovery, despite outbreaks

Author at TechGenyz Insights
Global Share

Global shares rose Monday, cheered by upbeat projections for a global economic rebound that were tempered by worries over expanding coronavirus outbreaks.

France’s CAC 40 rose 0.6 percent in early trading to 5,000.05. Germany’s DAX added 0.9 percent to 12,742.34, while Britain’s FTSE 100 climbed 0.7 percent to 6,139.18. U.S. shares were set to drift higher, with Dow futures gaining 0.3 percent to 26,005.0. S&P 500 futures rose 0.2 per cent to 3,185.38.

Investors were looking ahead to the release later this week of China’s economic growth data for April-June, a key indicator for trade, manufacturing, and investments with implications for the entire region. Singapore is also releasing GDP data.

Japan’s benchmark Nikkei 225 climbed 2.2 percent to finish at 22,784.74. South Korea’s Kospi gained 1.7 percent to 2,186.06. Australia’s S&P/ASX 200 added nearly 1.0 per cent to 5,977.50. Hong Kong’s Hang Seng rose 0.2 percent to 25,772.12, while the Shanghai Composite was up 1.8 percent at 3,443.29.

Shares also rose in India and Taiwan but fell in Singapore and Thailand.

Investors are hoping for an improved outlook thanks to the reopening of China’s economy following its own early outbreaks, share prices are much higher than justified by the numbers, analysts said.

I do not think there will be any way to sugar-coat a disastrous Q2,” said Stephen Innes of AxiCorp.

Still, I am not sure how significant the numbers will be given the premise that investors are paying a top premium for technology stocks based on 2021 rebound earnings.” On top of central bank policy meetings in Japan and elsewhere, corporate earnings are looming.

According to FactSet, the estimated earnings decline for the S&P 500 index sits at -44.6 percent, representing a whole different world compared to the S&P 500 index that is approximately 6 percent away from its previous all-time, – Jingyi Pan of IG.

Reconciliation between the two could take place going into the earnings season, although one suspect there may be some meeting in the middle here,” Pan said. Better than expected recovery on the U.S. economic data front had so far inspired some convictions that the bar may have been set too low.”

Junichi Makino, senior economist at SMBC Nikko, noted consumption was recovering in Japan, starting in May, helped by the government cash handouts doled out to curb the pandemic fallout.

It appears that the fears about the outbreak have declined, and sentiments are picking up, he said, noting there was no lockdown in Japan though people were asked to social distance and work from home.

In energy trading, benchmark U.S. crude oil dropped 48 cents to 40.07 a barrel in electronic trading on the New York Mercantile Exchange. It rose 93 cents to 40.55 per barrel on Friday. Brent crude fell 47 cents to 42.77 a barrel.

The U.S. dollar edged up to 107.09 Japanese yen from 106.92 yen. The euro inched up to 1.1308 from 1.1298. (AP)

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