HONG KONG – Markets in Asia finished higher to extend yesterday’s gains, while Europe also advanced at the open.
Concerns about the social media-led retail investor battle with Wall Street hedge funds also appeared to be easing in part thanks to rising hopes over US President Joe Biden’s stimulus plan, with analysts saying the threat to broader markets would likely be limited.
However, while the mood was a lot lighter than last week, the ever-present shadow of the coronavirus, along with stuttering vaccine rollouts, continues to keep gains in check.
Hong Kong, Sydney and Seoul jumped more than one percent, while Mumbai and Taipei put on more than two percent. Tokyo gained one percent, while there were also healthy advances in Shanghai, Singapore, Manila and Bangkok. Jakarta and Wellington both dropped.
London, Frankfurt and Paris also extended their Monday gains at the open.
Traders remain concerned that prices are still too elevated after a months-long rally, while immunisation drives and spiking cases of new coronavirus variants were also a worry.
Oil prices jumped around one percent, having advanced more than two percent Monday, on hopes that demand will improve as vaccines are rolled out. – AFP, February 2, 2021
