· Asian stocks turn red as Hong Kong tensions sour mood
Asian shares erased gains and the yuan languished on Thursday on growing worries China’s planned security law for Hong Kong would spark a broader diplomatic confrontation with the United States.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.35%, having been in positive territory earlier in the day. Shares in Hong Kong .HSI skidded 1.75%. Stocks in China .CSI300 fell 0.55%.
U.S. stock futures pared earlier gains to trade 0.17% higher.
Not all markets fell with investors in some countries keeping their focus on prospects of a post-coronavirus economic recovery.
· Nikkei vaults past 200-day average, value shares snatched up
Japan’s Nikkei share average jumped on Thursday, vaulting above a key technical resistance of its 200-day moving average, on hopes of a quick economic normalisation, with investors snatching up deeply discounted stocks such as financials.
The positive mood overwhelmed concerns about deteriorating U.S-China relations as Washington signals it may no longer regard Hong Kong warranted special treatment as Beijing prepares new security law for the territory.
The Nikkei average gained 2.32% to 21,916.31, rising above a major chart point of the 200-day moving average at 21,657. The broader Topix gained 1.80% to 1,577.34. Both indexes hit their highest levels since late February.
· China stocks end higher as investors eye fresh stimulus
China shares ended firmer on Thursday as investors anticipated further policy support from the ongoing Chinese parliamentary meeting, but gains were curbed amid a standoff between Washington and Beijing over a new Hong Kong security law.
At the close, the Shanghai Composite index ended up 0.3% at 2,846.22.
· European markets modestly higher as U.S.-China dispute continues
European stocks traded slightly higher Thursday against a backdrop of rising tensions between the U.S. and China.
The pan-European Stoxx 600 climbed 0.4% in early trade, with telecoms stocks posting 1.2% gains as all sectors and major bourses entered positive territory.
Investors will be keeping an eye on developments in an escalating war of words between the U.S. and China, with trade, the coronavirus pandemic and now Hong Kong a focus in the dispute.
· Thailand reports 11 new coronavirus cases, no new deaths
Thailand on Thursday reported 11 new coronavirus cases and no new deaths, bringing its total to 3,065 confirmed cases and 57 fatalities since the outbreak started in January.
The cases were Thai nationals in quarantine who recently returned from overseas, including four from Kuwait, six from Qatar, and one from India, said Taweesin Wisanuyothin, a spokesman for the government’s coronavirus task force.
There are 2,945 patients who have recovered since the outbreak started.
Reference: Reuters, CNBC
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