Asian stocks mixed after Wall Street rebelled against economic optimism

Tokyo (AP) — Asian stocks were mixed after the Wall Street rebound on Tuesday. This reflects optimism about the economy recovering from the pandemic.

The Japanese benchmark Nikkei 225 lost its early rise and fell 1.3% to end at 29,696.63. Australia’s S & P / ASX 200 was up 0.8% to 6,885.90. South Korea’s Kospi rose 0.2% to 3,126.72. The Shanghai Composite Index rose less than 0.1% to 3,486.22. Due to Easter, trading in Hong Kong has ended.

Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities, said a recent survey by the Bank of Japan on Tankan, released last week, reflects the gradual recovery of the Japanese economy. He said the rebound was noticeable in electronic devices as households consumed electronic products as the pandemic put pressure on people’s spending on services.

Household spending data released on Tuesday showed a 6.6% decline in February, with sharp declines in food, clothing, transportation and entertainment.

Deep concerns about the pandemic remain, and medical experts warn Japan to prepare for the “fourth wave” of COVID-19-related infectious diseases and mortality surges.

Similar outbreaks are occurring in other countries, including India and Thailand.

On Wall Street, the S & P 500 rose 1.4% to 4,077.91, a record high. The Dow Jones Industrial Average rose 379 points (1.2%) to 33,527.19, and the Nasdaq rose 1.6% to 13,705.59.

Profit is from the U.S. government and employers Recruitment in March, Added 916,000 jobs, the most since August.

Traders were delayed in responding to a promising job report released when the stock trade closed on Friday. Investors were even more encouraged, according to a report on Monday. Services recorded record growth in March Orders, jobs and prices soared.

Both the employment and services industries lag behind other areas of the economy throughout the recovery. Analysts say both need to show signs of growth for recovery to get off the ground. In the United States, the strong deployment of vaccination has eventually returned to normal for many, making it clearer and more accessible.

Quincy Crosby, Chief Market Strategist at Prudential Financial, said: “This rebound, the only thing that can prevent this recovery is that COVID-19 will start another wave.”

Profit on Monday was big, with almost every sector rising. Companies in a position to benefit from the broader resumption of the economy and economic growth were also strong. Norwegian Cruise Line surged 7.2% to maximize profits on the S & P 500 as it required passengers and crew to be vaccinated and asked for permission to resume cruises from US ports in July. Rival Carnival was up 4.8% and Royal Caribbean was up 3.5%.

Technology stocks also boosted profits. Apple was up 2.1% and Microsoft was up 2.5%.Tesla surprised investors with reports like this: Vehicle delivery has doubled During the first quarter. Its share surged 5.1%.

In energy trading, benchmark US crude added 80 cents to $ 59.45 a barrel in electronic commerce on the New York Mercantile Exchange. On Monday, I gave up $ 2.80 to $ 58.65 per barrel. The international standard Brent crude oil rose 77 cents to $ 62.92 a barrel.

In foreign exchange trading, the US dollar rose from 110.19 yen to 110.26 yen. The price of the euro has fallen from $ 1.1811 to $ 1.1811.