Live Updates: COVID-19 Cases
  • World 21,182,346
    World
    Confirmed: 21,182,346
    Active: 6,432,679
    Recovered: 13,990,158
    Death: 759,509
  • USA 5,436,490
    USA
    Confirmed: 5,436,490
    Active: 2,419,914
    Recovered: 2,845,717
    Death: 170,859
  • Brazil 3,229,621
    Brazil
    Confirmed: 3,229,621
    Active: 767,417
    Recovered: 2,356,640
    Death: 105,564
  • India 2,506,247
    India
    Confirmed: 2,506,247
    Active: 686,677
    Recovered: 1,770,682
    Death: 48,888
  • 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 358,843
    Spain
    Confirmed: 358,843
    Active: 330,226
    Recovered: ?
    Death: 28,617
  • Iran 338,825
    Iran
    Confirmed: 338,825
    Active: 25,683
    Recovered: 293,811
    Death: 19,331
  • UK 313,798
    UK
    Confirmed: 313,798
    Active: 272,440
    Recovered: ?
    Death: 41,358
  • Saudi Arabia 295,902
    Saudi Arabia
    Confirmed: 295,902
    Active: 29,605
    Recovered: 262,959
    Death: 3,338
  • 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 252,809
    Italy
    Confirmed: 252,809
    Active: 14,249
    Recovered: 203,326
    Death: 35,234
  • Turkey 246,861
    Turkey
    Confirmed: 246,861
    Active: 11,947
    Recovered: 228,980
    Death: 5,934
  • Germany 222,487
    Germany
    Confirmed: 222,487
    Active: 12,404
    Recovered: 200,800
    Death: 9,283
  • France 209,365
    France
    Confirmed: 209,365
    Active: 95,505
    Recovered: 83,472
    Death: 30,388
  • Canada 121,414
    Canada
    Confirmed: 121,414
    Active: 4,602
    Recovered: 107,793
    Death: 9,019
  • China 84,786
    China
    Confirmed: 84,786
    Active: 690
    Recovered: 79,462
    Death: 4,634
  • Netherlands 61,840
    Netherlands
    Confirmed: 61,840
    Active: 55,673
    Recovered: ?
    Death: 6,167
  • 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

Asian stocks gain after Fed keep US interest rates low

Author at TechGenyz Ecommerce

Asian stocks advanced Thursday after the US Federal Reserve left interest rates near zero to support a struggling economy.

Benchmarks in Shanghai, Tokyo, Hong Kong and Seoul all gained.

Lower interest rates and investor optimism about a possible coronavirus vaccine have helped global markets recover most of this year’s losses. But analysts say the recovery might be too early to be supported by uncertain economic activity as infection numbers rise in the United States, Brazil and other countries.

On Wednesday, Fed Chairman Jerome Powell warned that rising US cases, which have led some state governments to reimpose anti-disease measures, threaten the modest recovery from the pandemic.

The Fed said it would keep buying USD 120 billion of Treasury and mortgage bonds every month to encourage borrowing and spending, but Powell said Congress needs to take action. Legislators have yet to agree on aid after USD600 in weekly unemployment benefits for millions of Americans run out this week.

The current situation is all about money in consumer pockets, which is precisely why fiscal policy is so much more important,” Stephen Innes of AxiTrader Corp. said in a report.

The Nikkei 225 in Tokyo rose 0.1 per cent to 22,413.40 and the Shanghai Composite Index was off 0.1 per cent at 3,290.87.

The Hang Seng in Hong Kong gained 0.3 per cent to 24,951.85 despite data showing the territory’s economy shrank by 9 per cent in the quarter ending in June.

The Kospi in Seoul gained 0.2 per cent to 2,267.53 and Sydney’s S&P-ASX 200 added 0.6 per cent to 6,041.70. New Zealand advanced while Singapore and Jakarta retreated.

On Wednesday, the benchmark S&P 500 index rose 1.2 per cent to 3,258.44 in its biggest daily increase in two weeks. The S&P 500, which was down 34 per cent earlier, is back within 3.8 per cent of its February record.

The Dow Jones Industrial Average rose 0.6 per cent to 26,539.57. The Nasdaq composite added 1.4 per cent to 10,542.94.

Also Thursday, Japan reported retail sales rose by a better-than-forecast 13.1 per cent in June over the previous month.

That means retail sales in one of the world’s biggest markets were only 0.9 per cent lower than in February before the crisis hit, Tom Learmouth of Capital Economics said in a report.

In the United States, some companies are reporting quarterly results that exceed forecasts, though they still are well below pre-virus levels.

Advanced Micro Devices rose 12.5 per cent after it reported stronger profit than Wall Street expected. Starbucks gained 3.7 per cent after it reported a loss that wasn’t as bad as analysts were expecting.

Eastman Kodak surged 318.1 per cent, gaining for a second day after the company won a USD USD 765 million government loan to launch a new business unit making pharmaceutical components. Shares rose to USD 33.20 from USD 2.62 on Monday.

Amazon added 1.1 per cent Wednesday, Apple rose 1.9 per cent, Facebook gained 1.4 per cent and the Class A shares of Alphabet, Google’s parent company, were up 1.3 per cent.

Gold rose to USD 1,956.60 per ounce from Wednesday’s USD 1,953.40. It briefly touched USD 1,960 the previous day.

In energy markets, benchmark U.S. crude rose 2 cents to USD 41.29 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 23 cents on Wednesday to USD 41.27. Brent crude, used to price international oils, added 7 cents to USD 44.16 per barrel in London.

In currency dealings, the U.S. dollar was at 105.03 Japanese yen, up from 104.90 yen on Wednesday. The euro fell to USD 1.1783 from USD 1.1789. (AP)

Career

Subscribe