Stocks in Asia Pacific traded mixed Tuesday afternoon after an overnight rally stateside that saw the S&P 500 erasing its losses and entering positive territory for the year.
Shares in Australia, which returned to trade following a Monday holiday, led gains in the region's major markets as the S&P/ASX 200 surged 2.57%. Shares of major banks such as Commonwealth Bank of Australia, Westpac and Australia and New Zealand Banking Group soared more than 4% each.
Meanwhile, Hong Kong's Hang Seng index advanced 1.31% by the afternoon. Mainland Chinese stocks also edged higher, with the Shanghai composite up 0.47% while the Shenzhen component added 0.502%.
Elsewhere, the Nikkei 225 in Japan fell 0.76% while the Topix index shed 0.6%. South Korea's Kospi dipped 0.45%.
Overall, the MSCI Asia ex-Japan index advanced 0.87%.
Markets have seen recent positive momentum as hopes rise of an economic recovery from the coronavirus pandemic. Still, the World Bank said Monday that it forecasts the global economy to shrink by 5.2%, representing the deepest recession since the Second World War.
"(The markets) are reflecting both the poor economic conditions but also the policy response," Gary Dugan, CEO at The Global CIO Office, told CNBC's "Street Signs" on Tuesday.
"The policy response has been front-loaded by putting money into people's pockets almost immediately, by giving people who're unemployed some hope that they're gonna get rehired," Dugan said. "Those are the kinds of things that're (an) influence to the market and not these kind of still very bad forecasts that are coming out of both the IMF or World Bank."
In corporate news, the South China Morning Post reported Tuesday that the Hong Kong government will bail airline Cathay Pacific out with 30 billion Hong Kong dollars ($3.87 billion) in loans and a direct stake. Trading of the Cathay Pacific's shares in Hong Kong were earlier halted on Tuesday.
Shares of Samsung Group firms mixed
Shares of Samsung Group companies in South Korea were mixed on Tuesday afternoon as they shed earlier gains. Industry heavyweight Samsung Electronics was 0.36% lower and Samsung Biologics rose 1.81%, while Samsung C&T dropped 2.2%.
Those shares of Samsung Group companies in South Korea were watched after a court in Seoul rejected an arrest warrant for the conglomerate's de facto leader, Lee Jae-yong, according to local news agency Yonhap.
Previously jailed in 2017 after being found guilty of charges ranging from bribery to embezzlement before being released in February 2018, Lee is under investigation in relation to a merger of two Samsung affiliates in 2015, a move believed to help him take the reigns of the group from his father, Yonhap reported.
Overnight stateside, the S&P 500 rose 1.2% to close at 3,232.39 — turning positive for the year. The Dow Jones Industrial Average ended its trading day on Wall Street 461.46 points higher, or 1.7%, to 27,572.44. The Nasdaq Composite also jumped 1.1% to close at 9,924.74, hitting a fresh record high and bringing its year-to-date gains to 10.6%.
Oil prices rise
Oil prices were higher in the afternoon of Asian trading hours, with international benchmark Brent crude futures up 0.74% to $41.10 per barrel. U.S. crude futures also advanced 0.97% to $38.56 per barrel.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.72 after touching an earlier low of 96.532.
The Japanese yen traded at 108.08 per dollar after strengthening sharply from levels above 109.2 yesterday. The Australian dollar changed hands at $0.6999, following an earlier high of $0.7042.
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June 09, 2020 at 11:16AM
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Australian markets jump more than 2% as Asia stocks trade mixed - CNBC
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