Fri, 18 Sep 2020

Asian share traders buy up big, dollar drops

Lola Evans
07 Apr 2020, 18:41 GMT+10

SYDNEY, Australia - Optimism that the coronavirus may have peaked may be misguided, but investors and traders continued to bid up shares regardless in Asia on Tuesday, for the second day in a row.

The U.S. dollar lost part of its safe-haven appeal, and sank across the board.

"At the moment Asian markets are leading their global counterparts and reacting with some optimism to speculation that we may be reaching peak infection and mortality rates in major cities," Michael McCarthy, chief market strategist at CMC Markets told Reuters Tuesday. "But frankly that may be ill-founded."

In Japan, the Nikkei 225 rose 373.88 points or 2.01% to 18,950.18.

China's Shanghai Composite climbed 56.78 points or 2.05% to 2,820.76.

In Hong Kong, the Hang Seng jumped 504.17 points or 2.12% to 24,253.29.

The Australian All Ordinaries was the odd man out Tuesday, slipping 22.30 points or 0.42% to 5,301.30.

The euro regained some exposure in Asia on Tuesday, rising to 1.0866. The British pound was solidly higher after its overnight fall in response to Boris Johnson being admitted to intensive care. The pound was last quoted around the Sydney close at 1.2332. The Japanese yen edged up to 108.87. The Swiss franc advanced to 0.9731.

The Canadian dollar rose to 1.4027. The Australian dollar added a full cent to 0.6183. The New Zealand dollar climbed to 0.5988.

Overnight on Wall Street, the Dow Jones Industrial Average was ahead 1,627.46 points, or 7.73%, at 22,679.99.

The Standard and Poor's 500 advanced 175.03 points, or 7.03%, to 2,663.68.

The Nasdaq Composite climbed 540.16 points, or 7.33%, to 7,913.24.

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