Asian Stock Market: Attempts to recover despite coronavirus jitters, NZD surprise move

Asia-pacific stocks make efforts to recover part of their previous session decline.
Overnight fall in Wall Street reinforces worries on the global growth recovery.
US dollar stays strong above 93.00, commodities under selling spree.

Rekha Chauhan Independent Analyst

Asian shares bounce off yearly lows on Wednesday following the overnight declines on Wall Street.

MSCI’s broadest index of Asia-pacific shares outside Japan declined gained 0.14%.

Investors remain concerned about the worries on the rapid spread of the coronavirus Delta variant as it could derail the prospects of global economic growth.

The Shanghai Composite Index gained 0.3%, as traders look forward to more policy support to bolster a wobble Chinese economic recovery. Meanwhile, China reported 28 new confirmed coronavirus cases in the mainland on Tuesday as compared with 42 a day earlier.

Japan’s Nikkei 225 rose 0.02%, rising for the first time in five sessions. Japan’s exports rose for the fifth straight month.

Hong Kong’s Hang Seng Index gained 0.75%, Kospi rose 0.90%.

The Reserve Bank of New Zealand (RBNZ) surprised the market by holding the interest rate in the context of the nationwide restrictions.

The US Dollar Index (DXY) remains strong above 93.00 with 0.04% losses.

Gold trades flat at $1,791 per ounce with mild gains.

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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