By Gina Lee
Investment.com – Asia Pacific stocks mostly rose on Monday morning as investors waited for, due on weekends. Investors will also track results from continuing earnings season to find clues about the global economic recovery from COVID-19.
Japan jumped 0.27% at 10:37 PM ET (2:37 AM GMT), as Prime Minister Yoshihide Suga and the Liberal Democratic Party (LPD) looked at the results from Sunday’s sub-elections. for parliamentary seats in Hokkaido, Hiroshima and Nagano, won by the opposition parties.
Although the coalition led by the LDP retains a majority in both houses of parliament, the result is a blow before the general election, which must be held in October 2021.
South Korea increased 0.53% while in Australia decreased 0.11%.
Hong Kong’s increased by 0.20%.
China’s increased by 0.46% and by 1.18%. Chinese shares have headed to three-week highs ahead of signs that the recovery is on track.
On the data front, the US rebounded in March adding 1.021 million units to its highest level since 2006. The Purchases and Sales Managers’ Index also beat records, at 62.2 and 63.1, respectively. .
Continue below 1.6% on Monday.
However, investors remain focused on the Fed’s decision, which is expected to reiterate that the central bank will not seek to withdraw its unprecedented COVID-19 support at any time. even when signs of economic recovery from the virus appear.
“Treasury yields have dropped a bit, they’ve made rate hikes back in the future, and we can’t really expect the Federal Reserve or other central banks to go up as fast as possible. So, so early in the face of pandemic uncertainty, ”Medley, CEO of global macro strategy Ben Emons, at Global Advisors, told Bloomberg.
Other central banks making decisions next week include the Bank of Japan, which will make their decisions on Tuesday.
Corporate earnings also remain a concern for its inventors, with Tesla Inc. (NASDAQ :), Facebook Inc . (NASDAQ 🙂 and Apple Inc. (NASDAQ 🙂 among companies will announce their earnings over the weekend.
“If we’re going to see these big leaps in earnings growth for these companies this week, I think it’s a positive scene for the market,” said Medley’s Emons.
At the COVID-19 front, India continues to grapple with the toxic wave of COVID-19,.
Global stocks rode a roller coaster in the week before global COVID-19 cases soared and US President Joe Biden’s administration proposed to nearly double the capital income tax on the wealthy. Biden will give his first speech as president at a joint session of Congress on Wednesday.
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