· Asian stocks eked out gains on Thursday, but the week’s rally lost steam as investors seemed torn between relief at the agreement of a huge U.S. stimulus package and dread over a likely spike in jobless claims and coronavirus cases.
After last-minute negotiations, the Senate backed a $2 trillion bill aimed at helping workers and industries hurt by the pandemic. Yet concern has already turned to whether that will be enough to cushion a heavy economic blow.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.3% but regional performances were patchy.
· Japanese shares took a tumble on Thursday following three days of massive gains after a rise in domestic coronavirus cases stoked worries of tougher domestic restrictions for social distancing.
The Nikkei share average dropped 4.51% to 18,664.60. It had risen 18% in the last three sessions, including an 8% gain the previous day - its biggest since 2008.
The rally was driven by a range of factors, including buying from domestic public accounts and hopes of big U.S. stimulus, which all prompted sellers to unwind their positions.
· European markets opened lower Thursday as global market sentiment sours once again, ahead of upcoming U.S. jobless claims data.
The pan-European Stoxx 600 fell 1.5% in early trade, with basic resources shedding 2.7% to lead losses as all sectors and major bourses slid into negative territory.
Reference: Reuters, CNBC
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