Reopening optimism boosts Asian sharesBusiness | 26 May 2020 1:00 pm
Shares advanced in Asia today as some regions in Japan resumed close-to-normal business activity, with hopes for economic recovery overshadowing worries over the coronavirus pandemic.
The market focus is shifting to how various nations are adapting to getting back to business, while striving to keep new infections in check.
Japan lifted its state of emergency under what Prime Minister Shinzo Abe on Monday called a new lifestyle, with widespread wearing of masks and face shields.
Tokyo's benchmark Nikkei 225 added 2.2 percent in morning trading at 21,190.85. Australia's S&P/ASX 200 was up by 1.7 percent at 5,711.30. South Korea's Kospi gained by 1.2 percent at 2,019.06.
"As is the financial market's wont these days ... even the slimmest of positive news on the virus front triggers a bullish immune response and another wave of the peak-virus trade,'' Jeffrey Halley of Oanda said in a commentary.
U.S. markets were closed for Memorial Day on Monday, while European benchmarks ended higher, reflecting the global investor optimism. France's CAC 40 jumped nearly 2.2 percent to end the day at 4,539.91. Germany's DAX surged by 2.9 percent to 11,391.28. Trading was closed in Britain for a bank holiday.