Asian shares soar as China economy strengthens
Asian share markets recorded an upbeat performance on Tuesday. The series of gains could be attributed to an expansion seen in China’s economy, with investors hoping that this will bolster growth across the region even as the coronavirus crisis brought in contraction concerns.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.98%, placing close to its record peak. Japan’s benchmark index Nikkei traded 1.5% higher, recovering from low grounds it touched on Monday.
Australian shares, on the other hand, tallied a 1.25% increase. This was mainly from news that Queensland will soon lift its virus-related restrictions. Meanwhile, Chinese blue chips remained inactive as Hong Kong’s Hang Seng gained 1.8%.
Analysts at JPMorgan believe that the coming earnings season will likely boost investors’ sentiment as Europe anticipates a 25% year-on-year contraction.