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Asian stock market: ASX 200 turns positive as Chinese equities rally 3%

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Asian stock market:

Asian equities print welcome start to the week while taking the bids during the early Monday. The risk barometer mainly took clues from Chinese stocks that rallies over 3.0%.

While fears of the coronavirus (COVID-19) and the US-China tussle remains on the cards, the anticipation of further cheap money becomes the key push behind the recent optimism.

Other than A-list shares from Beijing, the MSCI index of Asia-Pacific shares outside Japan also portrays the risk-on mood with a 1.17% rise as we write.

Further, Japan’s Nikkei 225 adds near 1.5% to 22,613 whereas Australia’s ASX 200 reverses the early-day losses with 0.11% gains by the press time. It’s worth mentioning that New Zealand’s NZX 50 gains 0.58% despite the downbeat ANZ Commodity Price Index.

Looking forward, Hong Kong’s Hang Seng benefits from upbeat Markit PMI for June, 49.6 versus 43.9, to be over 2.0% in green around 25,940. Additionally, South Korea’s KOSPI and Indonesia’s IDX Composite also rose, though with a lesser strength amid increasing pandemic worries at home.

Other than the Asia-Pacific shares, the US 10-year Treasury yields also portray the upbeat trading sentiment by adding two basis points (bps) to 0.691%. Furthermore, S&P 500 Futures rise 0.80% to cross 3,150 ahead of the US traders’ reason.

In addition to hopes of further stimulus, markets might be preparing for the US traders’ return as they got a little time on Thursday to cheer upbeat June employment data. Though, ISM Non-Manufacturing PMI, expected 49.5 versus 45.4, will be the key in determining the same and take near-term trade decisions.

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