Home Business Asian stocks rise, boosted by 're-opening optimism'

Asian stocks rise, boosted by ‘re-opening optimism’

Hong Kong (CNN Business)Asian stocks rose on Tuesday, as a growing number of cities and countries around the world take steps toward re-opening.

Hong Kong’s Hang Seng Index (HSI) was up nearly 1.6%, adding to Monday’s gains. China’s Shanghai Composite (SHCOMP) rose 0.7%.
South Korea’s Kospi Index (KOSPI) was up about 1.3% and Japan’s Nikkei 225 (N225) rose 2.2%.
In Hong Kong, investors are moving on from last week’s sharp losses. On Friday, the Hang Seng had its worst day in nearly five years after Beijing moved to pass a controversial national security law, a blow to the financial hub’s autonomy.
China’s foreign ministry commissioner in Hong Kong, Xie Fang, moved to reassure rattled investors on Monday evening. The legislation won’t affect freedoms of speech, press, publication and assembly, Xie said, according to state-run news agency Xinhua.
Xie added that the controversial legislation will protect the law-based operation of international businesses in Hong Kong.
The “clouds of dust in Hong Kong have settled quicker than anyone had expected. Local risk sentiment isn’t nearly as gnarly as everyone had feared,” Stephen Innes, global market strategist at AxiCorp, wrote in a note on Tuesday.
There is also a sense of “re-opening optimism” among investors, said Innes. They are upbeat about lockdowns in the United States and elsewhere coming to an end.
In Japan, Prime Minister Shinzo Abe on Monday lifted the state of emergency for the entire nation, as the coronavirus outbreak there eases.
Abe is also eyeing a fresh stimulus package, saying that he would work to increase the government’s stimulus packages to more than 200 trillion yen ($1.9 trillion), or about 40% of the annual output of the world’s third biggest economy.
US stock futures also rose, as Americans crowded onto packed beaches in Florida, Maryland, Georgia, Virginia and Indiana for the Memorial Day weekend. Many states have begun lifting the restrictions of businesses and public spaces.
Dow futures are up more than 330 points. S&P futures rose nearly 1.4% and Nasdaq futures are up about 1.5%.

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