US markets have seen a huge boost in the wake of last week’s selloff. But investors will remain cautious ahead of the US Election 2020 debates between US President Donald Trump and Joe Biden. Hong Kong’s Hang Seng index was up 0.2 percent while Chinese shares opened higher with the blue-chip CSI 300 index up 0.41 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.39 percent to 555.01. Asian markets have been boosted by positive signs around China’s economic recovery. However, the coronavirus pandemic continues to wreak economic havoc globally and raise concern about high valuations.
Investors will remain cautious ahead of the first US presidential debate later in the day and as lawmakers continue efforts to cobble together additional economic stimulus.
Upcoming US economic data should help show how well the country is positioned to rebound from pandemic lockdowns, and how necessary more stimulus will be.
“Globally, a loss of momentum and the renewed rise in COVID-19 infection rates points to the need for additional fiscal and monetary support.
“That policy outlook is continuing to provide a supportive backdrop to equities despite recent volatility,” ANZ Bank analysts wrote in a note.
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10.00am update: FTSE slide continues
FTSE’s dire start to the morning shows no signs of stopping.
The UK index opened at 5,927 this morning before quickly falling to 5,897 in just 20 minutes.
It has since fallen to 5,873, before recovering slightly to 5,878.
8.25am updatw: FTSE drops on open
FTSE has dropped on open this morning, in contrast to yesterday’s bright start.
The UK index closed at 5,927 yesterday, after rising from 5,842.
This morning it has fallen to 5,896.
More to follow…