Asian Stocks Up, Betting on Slow but Steady Global Economic Recovery By

Asian Stocks Mixed as Investor Confidence Over Global Economic Recovery

© Reuters.

By Gina Lee – Asian stocks were mostly up on Thursday morning, driven by optimism that the global economy is slowly but surely recovering from the impact of COVID-19.

“The main force that’s been driving markets the last few weeks has really been momentum,” Kevin Caron, portfolio manager for Washington Crossing, told Bloomberg.

“We’ve got a market that’s focused on the good case outcome for the virus, we’ve got a market that has taken a great deal of comfort in that fiscal policy is going to be there to support an economy through tough times.”

But gains in the region were capped by the ever-growing number of COVID-19 cases globally, with over 20.5 million cases as of August 13, according to Johns Hopkins University data. Investor sentiment was also muted as the U.S. Congress failed to reach consensus on the latest stimulus measures after a fifth day of negotiations.

Down Under, the was down 0.63%. by 10:52 PM ET (3:52 AM GMT). The Australian Bureau of Statistics said earlier in the day that in July with the of 7.5% also beat expectations.

Japan’s rose 1.96%, with Bank of Japan data released earlier in the day showing that the country’s fell 0.9% in July year-on-year, indicating a slower fall in wholesale prices during the month.

South Korea’s gained 0.89%, while Hong Kong’s was down 0.05%.

China’s was up 0.43% while the was up 0.41%. The country is due to release a bunch of data for July on Friday, including industrial production and retail sales figures.

Chinese officials are also widely expected to discuss U.S. President Donald Trump’s ban of the TikTok and WeChat apps during an online meeting with U.S. officials on Saturday. The two sides will also discuss trade, and are expected to bring up other grievances, during the meeting.

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