Alexa
  • Directory of Taiwan

U.S. consumer confidence lifts Asian markets

U.S. consumer confidence lifts Asian markets

Asian stocks posted modest gains yesterday, lifted by rising U.S. consumer confidence and a healing housing market that sent Wall Street higher overnight.
But analysts said investors remain cautious about the global economic outlook and have yet to be convinced that a strong recovery is underway.
Castor Pang, an analyst at Sun Hung Kai Financial in Hong Kong, described overall market sentiment as lackluster as investors wait to see if China - the key to boosting regional sentiment - can sustain its growth in the second half.
Wait and see
"Especially when it comes to long-term growth, there are still many question marks," he said. "So most investors are just trying to wait and see whether the news in the future will be positive or negative."
Hong Kong's Hang Seng Index rose 0.5 percent to 20,530.25. The Shanghai Composite Index jumped 1.5 percent to 2,960.03, rebounding from a 2.6 percent slide the previous day.
In Japan, the Nikkei 225 stock average climbed 1.4 percent to 10,639.55 as investors in the export-reliant country cheered the latest numbers out of Washington.
Benchmarks in South Korea, Singapore, Australia and New Zealand also rose. Taiwan was the region's only major decliner, falling 1.3 percent.


Updated : 2021-05-12 14:28 GMT+08:00