Asian stocks mixed amid concern over coronavirus hotspots

Asian stocks mixed amid concern over coronavirus hotspots

SeattlePI.com

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BEIJING (AP) — Asian stock markets were mixed Friday after Wall Street closed little-changed as optimism about a possible global economic recovery was tempered by concern over rising coronavirus infections.

Tokyo and Shanghai advanced while Hong Kong and Seoul retreated.

Global markets have recovered most of this year’s losses as investors look ahead to a possible rebound from the deepest economic slump since the 1930s. But analysts say gains might be too big and too fast to sustain. Enthusiasm has been dented by rising case numbers in Brazil, some U.S. states and other areas.

Asian investors “will feel encouraged” by China's quick response to this week's new infections in Beijing, but sentiment “remained toned down” following a surge in U.S. cases, Stephen Innes of AxiTrader Corp. said in a report.

The Shanghai Composite Index rose 0.4% to 2,950.74 and the Nikkei 225 in Tokyo added 0.6% to 22,485.55. The Hang Seng in Hong Kong lost under 0.1% to 24,448.16 and Seoul's Kospi shed 0.4% to 2,125.32.

The S&P-ASX 200 in Australia added 0.3% to 5,950.40 and India's Sensex opened up 0.3% to 34,304.21. New Zealand advanced while Singapore and Bangkok declined.

On Thursday, Wall Street's benchmark S&P 500 edged up by 0.1% to 3,115.34 after flipping between small gains and losses through the day.

The Dow Jones Industrial Average slipped 0.2% to 26.080.10, and the Nasdaq composite rose 0.3% to 9,943.05.

Markets worldwide gained after unexpectedly strong U.S. jobs and retail sales data fueled hopes the world's biggest economy can pull out of its recession as governments ease up on anti-virus measures.

“There has been a more broad-based improvement in growth trends around the world,” said Morgan Stanley economists in a report. “High frequency indicators...

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