Stocks in Asia nudged higher in Thursday morning trade as optimism over the economic recovery from the coronavirus pandemic continued to keep investor sentiment afloat.
Mainland Chinese stocks were mostly higher early trade, with the Shenzhen component adding 0.35% while the Shenzhen composite was up 0.295%. The Shanghai composite sat just below the flatline.
In Japan, both the Nikkei 225 and Topix indexes added 0.25% each.
South Korea's Kospi rose 0.89% in morning trade, adding to its nearly 3% Wednesday surge.
Meanwhile, shares in Australia also rose, with the S&P/ASX 200 up 0.65%. Australia retail sales for April plunged a seasonally adjusted 17.7% in April, according to data released Thursday by the country's Bureau of Statistics.
Overall, the MSCI Asia ex-Japan index traded 0.31% higher.
Overnight stateside, the Dow Jones Industrial Average surged 527.24 points to close at 26,29.89 while the S&P 500 gained 1.4% to end its trading day at 3,122.87. The Nasdaq Composite advanced 0.8% to 9,682.91. Wednesday's gains led the Dow to a three-day winning streak while the S&P 500 notched its first four-day winning streak since early February.
The moves on Wall Street came as a Wednesday report from ADP showed private payrolls stateside falling by 2.76 million in May — much less than the 8.75 million expected from economists surveyed by Dow Jones.
"The notion that the worst of the Covid-19 economic slump may well be behind us gained credence over the past 24 hours with encouraging data releases from China, Europe and the US," Rodrigo Catril, a currency strategist at National Australia Bank, wrote in a note.
Oil prices drop
Oil prices fell in the morning of Asian trading hours, with international benchmark Brent crude futures 1.23% lower at $39.30 per barrel. U.S. crude futures also dropped 1.88% to $36.59 per barrel.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.445 following its slide from levels above 98 seen earlier in the week.
The Japanese yen traded at 108.90 per dollar after weakening sharply earlier this week from levels below 108. The Australian dollar changed hands at $0.6901, following its rise from levels below $0.68 seen earlier in the trading week.
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June 04, 2020 at 09:15AM
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Asia stocks edge higher as optimism remains over economic recovery from coronavirus pandemic - CNBC
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