Asian markets rise on optimism over more US stimulus

BEIJING – Asian stocks followed Wall Street to a high on Tuesday, after which President Joe Biden invited Republicans to discuss economic aid, while silver eased to an eight-year high.

Market benchmarks in Shanghai, Tokyo, Hong Kong and Seoul are all advanced.

On Wall Street, the benchmark S&P 500 index gained 1.6%, with some losses in the week amid elimination of video game retailer Gametop and other stocks targeted by Gravis Day traders.

In Washington, Biden invited 10 liberal Republicans to the White House to discuss his proposed $ 1.9 trillion economic aid plan. Republicans previously offered $ 600 billion, or less than a third of Biden’s proposed amount.

In a report, Axi’s Stephen Ines said, “The sound of more excitement, which rings to lift all the boats, was music to the market’s ears.”

Shanghai Composite Index SHCOMP,
+ 0.81%
Nikkei 225 NIK, while rose 0.5%
+ 0.97%
Tokyo added 0.8%. Hang Seng Hsi,
+ 1.41%
1.8% advanced in Hong Kong.

Cospi 180721,
+ 1.32%
Seoul was up 1.6% and Sydney’s S&P / ASX 200XJO,
+ 1.49%
Received 1.4%.

Stock New Zealand retreated into NZ50GR,
But rose in Indonesia JAKIDX,
Singapore sti,
+ 0.48%
And Taiwan Y9999,
+ 2.27%.

Silver plunged after a one-point jump to an eight-year high.

Silver SIH21 for March delivery,
81 cents, or 2.7%, in London at $ 28.61 per ounce.

Last week, there were messages on the Reddit forum WallStreet Bets and other places on social media encouraging small investors to buy silver. It was shot on Monday, but many online investors said it was not a price bid for them.

In a report, Edward Moya of Onda said that small traders are learning that the silver market is huge in some of the small cap stocks they hold. “Silver coin purchases and call option bets are not enough for the driver to send skyrocketing silver prices to record highs.”

On Wall Street, the S&P 500 Index SPX,
+ 1.61%
Received 3,773.86. Dow Jones Industrial Average DJIA,
+ 0.76%
Rose 0.8% to 30,211.91. Nasdaq Composite Comp,
+ 2.55%
Climbed 2.5% to 13,403.39.

Frenzied trading at GameStop and some other stocks have led to a boom in US markets, which were expected to decline after being bought by novice traders. Other investors told hedge funds that placing bets against those stocks was reducing money and selling other stocks.

Gametop GME,
Slipped 30.8% to $ 225 a share. It ended last year at around $ 18.

Expecting financial support, as well as the Federal Reserve’s pledge to keep low-cost debt low, has taken the S&P 500 and other major indexes to record highs.

Investors bid for the shares in 2021 in hopes of a rollout of the coronovirus vaccine, which would normalize global business and travel. This optimism is characterized by infection spread and disruption of vaccine delivery.

The market was broken last week by AZN of AstraZeneca,
It declares that it will supply less than half the promised dose to the European Union, which prompted the EU to impose export controls. On Sunday, AstraZeneca promised to increase European supply and start delivery earlier.

In energy markets, benchmark US crude CLH21,
+ 1.25%
52 cents per cent to $ 54.07 per barrel. The contract rose to $ 53.55 per barrel from $ 1.35 on Monday. Brent crude BRNJ21,
+ 1.08%,
For the price of international oils, London added 49 cents to $ 56.84 a barrel. It advanced from $ 1.31 to $ 56.35 the previous season.

Dollar USDJPY,
+ 0.07%
Went down to 104.92 yen from Monday’s 104.94 yen.


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