- Asia-Pacific stocks ignore the mildly positive performance of equities in India, Japan and New Zealand.
- Coronavirus fears return to the table with the latest data flashing all-time high in hotspots.
- Calls of further stimulus offer intermediate relief.
Although clues of further stimulus helped some of the Asia-Pacific shares, the MCSI’s gauge, ex-Japan, drops 0.7% by the press time of pre-Europe open on Wednesday.
The reason could be traced from the latest coronavirus (COVID-19) data from the global hotspots like the UK, the US and Europe. While the early-week numbers raised hopes of recovery, the recent all-time high figures from the key economies renew fears of the pandemic.
Japan’s NIKKEI cheers upbeat Machinery Orders and Trade Balance data together with hints of further aids from the government while flashing more 1.0% gains to 19,140 by the time of writing. Also joining the positive line are equity indices from India, Australia and New Zealand.
On the other hand, the US 10-year treasury yields drop to 0.72% while stocks in Indonesia, China and Hong Kong also remain negative.
Wall Street failed to cheer the previous day’s risk-on. Even so, US President Donald Trump asked Congress for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the pandemic, said the Reuters.
Moving on, traders will keep eyes on FOMC minutes as well as virus data/headlines for fresh impulse.
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