Asian Stocks Up, Investors Digest Asian Economic Data, U.S. Infra Plan

Asia Pacific stocks

Asian Stocks Up, Investors Digest Asian Economic Data, U.S. Infra Plan

Asia Pacific stocks were up Thursday morning, beginning April on a high note as investors assessed economic data from China and Japan, as well as a new U.S. infrastructure plan.

China’s Shanghai composite edged up 0.20% by 11:26 PM ET (3:26 AM GMT) and the Shenzhen component  rose 0.84%.The figure comes on the back of the positive manufacturing and non manufacturing PMIs released on Wednesday. The CAIXIN SERVICES PMI will be released the following week.

Japan’s Nikkei 225 gained 0.73%, with the Tankan large manufacturers Index at 5 for the first quarter of 2021, above the –15 in forecasts prepared by Investing.com and the –10 reading in the fourth quarter of 2020.

Hong Kong’s Hang Seng Indexjumped 1.01%, even as trading in more than 50 Hong Kong-listed companies was suspended after several firms reportedly failed to report earnings ahead of the Mar. 31 deadline.

South Korea’s KOSPI gained 0.52% In Australia, the ASX was up 0.22% as the third-biggest city of Brisbane lifted a three-day snap lockdown earlier in the day.

Benchmark 10-year Treasury yields steadied at 1.74%, after its worst quarterly performance since 1980 according to Bloomberg data.

Investor sentiment was also boosted by a $2.25 trillion infrastructure plan laid out by U.S. President Joe Biden on Wednesday. However, the plan will be funded with higher corporate taxes, which is likely to draw resistance when the plan is debated in Congress.

Central banks globally continued their support to keep borrowing costs low, contributing to a push for more investment into economic recovery. European Central Bank President Christine Lagarde on Wednesday warned, however, that policymakers will use all their powers should investors try to push bond yields higher.

Despite encouraging economic data over the past week, the number of global COVID-19 cases continues to grow. Clusters in regions led to fresh restrictive measures, with France entering its third lockdown and Canada’s Ontario province entering a 28-day lockdown, serving as a grim reminder that the fight against the virus is not over yet.

Mainland Chinese stocks were up by the early morning. The Shanghai Composite was up by 0.71% to 3,466.33. Hong Kong’s Hang Seng Index was up about 1.91% to 28,909.62.

Japan’s benchmark Nikkei average Nikkei 225 is trading down  0.72 percent at 29,388.97 on Thursday, while the broader TOPIX  100 fell 0.24 percent to 1,266.47. South Korea’s Kospi was up by 0.85% to 3,087.00.

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