Asian stocks rise, driven by corporate earnings, positive US employment data.


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By Gina Lee – Asia Pacific stocks rose on Friday morning, extending gains to a fourth day as investors took in corporate earnings and positive US employment data. Japan was up 1.36% at 9:41 pm ET (2:41 am GMT). South Korea gained 0.65%. In Australia, it was up 1.04% and Hong Kong gained 0.95%, China gained 0.90% and rose 0.70%. Asian stocks followed their US counterpart, which hit record highs during the previous session. Ebay Inc. (NASDAQ 🙂 and PayPal Holdings Inc. (NASDAQ 🙂 saw their shares rise due to upbeat forecasts, and Netflix Inc. (NASDAQ 🙂 shares posted gains after raising prices for their services in Japan . Bullish sentiment in US equities remains “on a strong footing” as a rebound in corporate activity and earnings, as well as accommodative policy from the US Federal Reserve create a favorable environment for equities, they said. analysts at UBS Group AG (SIX :). Positive US employment data released Thursday also boosted investor sentiment. The data indicated that 779,000 were filed in the past week, less than the 830,000 claims predicted in the forecasts produced by and the 812,000 claims reported in the previous week. More job data, including, will be delivered later in the day. “It certainly appears that we have refocused on fundamentals… the virus news is gradually improving as the earnings season and economic data appears to show some improvement. The markets are actually focusing on what we are supposed to focus on and less concerned with the machinations of pulling out fiscal policy and what’s happening on Reddit-land, ”National Securities Corp.’s chief market strategist told Bloomberg. , Arthur Hogan. Meanwhile, GameStop Corp. (NYSE :), with the weekly drop of more than 80% as retail traders flocked to new targets, including small drug developers. Market volatility seen over the past week, driven by social media forum Reddit, has calmed down, but investors fear a second round, this time in Asia. One country under scrutiny is South Korea, and investors are concerned that the country’s COVID-19-induced short selling ban has artificially underpinned the country’s recent stock market rally. The ban, the longest such measure in the world, was extended earlier this week thanks to pressure from retail investors. However, concerns remain that the move could backfire. Other countries have started lifting similar restrictions, and Indonesia is due to lift its ban by the end of the month. France, which introduced a ban in early 2020, lifted it after just a few months.

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