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May 6, 2020, 12:02 a.m. EDT

Asian markets gain amid hopes for global economic recovery

Hang Seng and Kospi lead the way; Nikkei closed for holiday

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By Associated Press


Getty Images/iStock Photos
Spring cherry blossoms are seen with the Seoul Tower in Seoul in South Korea.

Asian stock markets mostly rose Wednesday as hopes for a global economic recovery rose after more governments eased anti-virus controls.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.99%   gained 0.7% while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +2.01%  inched up 0.1% and the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +1.28%   advanced 0.7%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.80%   rose 1%, while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.88%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.62%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.14%   were mixed. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.42%   fell 0.5%. Markets in Japan were closed for a holiday.

Investors are increasingly optimistic as European countries and some U.S. states allow businesses to reopen despite warnings coronavirus infections still are rising in areas such as Brazil and economic recovery could be some way off.

President Donald Trump, running for re-election in the midst of a slump that has thrown more than 20 million Americans out of work, said Tuesday he wants the U.S. economy to reopen but acknowledged some people will be “badly affected.”

“Asked in an interview with ABC News whether there might be fatalities as curbs are eased, Trump said, ‘It’s possible there will be some.’”

“The view that the benefit outweighs the costs had invited the market to largely shrug off the concerns here,” despite Trump’s “acknowledgement of more fatalities,” said Jingyi Pan of IG in a report.

On Wall Street, the benchmark S&P 500 index closed 0.9% after losing about half its early gains in a burst of afternoon selling. Technology and health care stocks accounted for much of the gains, which followed a strong showing in overseas markets.

Many analysts are skeptical of the rally. They say it is overdone given uncertainty about how long the recession will last. But the S&P 500 has recovered more than half its losses in a sell-off earlier in the year.

China, where the pandemic began in December, has allowed factories and some other businesses to reopen. France, Spain and other European governments are taking similar steps.

Expectations for stronger demand for oil as more businesses get the green light to open helped drive oil prices higher.

The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.45%   gained to 2,868.44. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.36%   rose 0.6% to 23,883.09. The Nasdaq /zigman2/quotes/210598365/realtime COMP 0.00%   climbed 1.1% to 8,809.12.

A report released Tuesday showed the U.S. services industry shrank for the first time in a decade last month, but it caused barely a ripple in the stock or bond market.

In energy markets, benchmark U.S. crude   gained 21 cents to $24.77 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped 20.5% on Tuesday to settle at $24.56. Brent crude  , used to price international oils, added 19 cents to $31.16 per barrel in London. It gained 13.9% the previous session to close at $30.97. T

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0140%   declined to 106.31 yen from Tuesday’s 106.53 yen.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,373.12
+248.93 +0.99%
Volume: 2.32M
July 3, 2020 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,152.81
+62.24 +2.01%
Volume: 45.88B
July 3, 2020 3:01p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,041.89
+25.84 +1.28%
Volume: 51.29B
July 3, 2020 3:00p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,152.41
+17.04 +0.80%
Volume: 770,054
July 3, 2020 3:33p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
11,909.16
+104.02 +0.88%
Volume: 0.00
July 3, 2020 1:33p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,652.94
+16.25 +0.62%
Volume: 0.00
July 3, 2020 5:20p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
4,973.79
+7.01 +0.14%
Volume: 0.00
July 3, 2020 3:00p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,057.90
+25.20 +0.42%
Volume: 645,935
July 3, 2020 5:08p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,130.01
+14.15 +0.45%
Volume: 0.00
July 2, 2020 5:19p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,827.36
+92.39 +0.36%
Volume: 0.00
July 2, 2020 5:19p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
10,207.63
0.00 0.00%
Volume: 0.00
July 2, 2020 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.5200
+0.0150 +0.0140%
Volume: 0.0000
July 3, 2020 4:59p
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