Wall Street rallied broadly overnight with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond US social unrest and pandemic worries.
Thursday, 4th June, 2020
China stocks pared earlier gains to end roughly flat as worries persisted over the ongoing Sino-US tensions. The blue-chip CSI300 index was unchanged at 3,983.65, while the Shanghai Composite Index rose 0.1 percent to 2,923.37. In Hong Kong, the Hang Seng index was up 329.68 points, or 1.37 percent, at 24,325.62, its highest since 21 May. The Hang Seng China Enterprises index rose 0.92 percent to 9,967.53. Around the region, MSCI's Asia ex-Japan stock index was firmer by 1.7 percent, while Japan's Nikkei index closed up 1.29 percent.
European shares rallied with insurers jumping after France's AXA said it would pay a dividend, while improving global data spurred bets of faster economic recovery from the coronavirus crisis. The pan-European STOXX 600 rose 2.5 percent to close at its highest since 6 March, with Germany's DAX outpacing the rest of Europe with a 3.9 percent gain. European markets have performed strongly so far this week as several countries eased strict lockdown measures, while hopes of more stimulus and encouraging developments on a potential COVID-19 treatment have helped the STOXX 600 recover more than 37 percent from March lows.
Wall Street rallied broadly with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond US social unrest and pandemic worries. Financials, industrials and tech pushed the three major US stock indexes well into the black. A spate of grim economic data was not as bad as economists feared, with ADP reporting many fewer private-sector job cuts in May than expected. Market participants now await the US Labor Department's more comprehensive May jobs report, which is expected to show unemployment soaring to a historic 19.7 percent. The Dow Jones Industrial Average rose 527.24 points, or 2.05 percent, to 26,269.89, the S&P 500 gained 42.05 points, or 1.36 percent, to 3,122.87 and the Nasdaq Composite added 74.54 points, or 0.78 percent, to 9,682.91.
Ahead of the local open SPI futures are 73 points higher at 5999.
|Foreign Equities||Close||Change||% Change|
|Dow Jones (US)||
|FTSE 100 Index||6382||162||2.61|
|Nikkei 225 (Japan)||22614||288||1.29|
|Oil - West Texas||/bbl||37.3||0.5||
|Currency||Close||Pts Change||% Change|
|$A vs $US||0.6921||0.0010||0.14|
|$A vs GBP||0.5507||0.0012||0.22|
|$A vs EUR||0.6165||-0.0015||-0.25|
|$A vs YEN||75.46||
|$A vs NZD||1.0770||-0.0057||-0.53|