Corona virus-infected Asian stock market hit a seven-week high

Corona virus-infected Asian stock market hit a seven-week high

Asian markets hit a seven-week high after the Coronavirus affected various economic concerns and global business activity, while Wall Street saw a decline in the index of technology firms.

According to the British news agency 'Reuters', Euro stocks 50 futures rose 0.4 percent while Germany's Docks Index and London's FTSE rose 0.7, 0.7 percent.

The rise this month was driven by global monetary policy stimulus to reduce the economic impact of the global Coronavirus outbreak.

On the other hand, positive news about the possible cure for the coronavirus and advances in vaccine development has also boosted business.

Further easing of sanctions in the United States, Europe, and Australia, while New Zealand allowed some business centers to open this week, boosting investor confidence that the virus may be fading.

The measures are expected to help revive demand for US crude, which rose 11 percent to .6 13.66 a barrel and Brent rose 3.6 percent to 20 2,120 a barrel.

Outside of Japan, Asia Pacific's MSCI Broadest Index saw a rise of 0.7 percent, up 3.3 percent this week.

At the start of the day, it touched a high of 471.86, the first since March 12, but markets in Japan were closed due to a public holiday.

Shares of Australia closed 1.2% higher, led by energy firms, while shares of South Korea rose 0.8% and the Chinese market index rose by 0.2%.

Last night, investors on Wall Street downgraded shares of three major technology companies, and US stocks in all three fell to their lowest levels.

The Dow Jones Industrial Average fell 0.3 percent, the S&P 500 fell 0.5 percent and the Nasdaq Composite fell 1.4 percent.

Investors are now awaiting the results of other technology firms, including Amazon, Apple Earnings, and Microsoft Corporation.

The dollar rose to 106.52 against the Japanese yen in early trade on fears of a rapid spread of the coronavirus due to the early reopening of trading.

The euro gained 0.3 percent to 0 1.0852, while the dollar index fell 0.2 percent against other currencies.

 

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