Asian shares recover, China factories set to reoperate
SYDNEY- Asian share markets performed positively on Tuesday, following Wall Street upbeat activity. However, concerns still lurk about China factories’ decision of reopening as the novel coronavirus contagion spreads in a larger scope and death record continues to grow.
Mainland China’s coronavirus death toll hit more than 1000 cases and surpassed the 800 victims of the 2002-2003 Severe Acute Respiratory Syndrome.
Despite the pressing weight of the virus, investors seemed to remain optimistic as MSCI’s broadest index of Asia-Pacific shares outside Japan inched up to 0.9%, while Shanghai blue chips clocked in 1% earnings.
Japan’s Nikkei .N225 was temporarily inactive for holiday but Nikkei futures NKc1 acquired 0.7% gains. EUROSTOXX 50 futures .STXEc1 soared 0.7% as the FTSE FFIc1 raked in 0.6%.
S&P E500 E-Mini futures gained 0.3% in its late session that brought Wall Street to new record of high on Monday. Other indexes marginally increased including Dow .DJI, S&P 500 .SPX, and Nasdaq with 0.6%, 0.73%, and 1.13% respective gains.
Overall market activity was upbeat despite World Health Organization’s warning that coronavirus contagion outside China could possibly be “the spark that becomes a bigger fire”.