Sat, 11 Jul 2020

Stocks gain on Asian markets as greenback continues fall

Lola Evans
05 Jun 2020, 17:59 GMT+10

SYDNEY, NSW, Australia - Stocks in Asia continued higher on Friday, while the U.S. dollar remained in free fall.

"Central banks have rightly stepped in to cushion the economic blow of COVID-19 and unquestionably succeeded in steadying the ship," Bob Michele, chief investment officer and head of the global fixed income, currency & commodities group at J.P.Morgan Asset Management told Reuters Thomson Friday.

The best performer of the day, despite China's new national security law, was Hong Kong's Hang Seng. The key index jumped 421.92 points or 1.73% to 24,767.71.

The Nikkei 225 in Japan closed 167.99 points or 0.74% higher at 22,863.73.

China's Shanghai Composite rose 11.55 points or 0.40% to 2,930.80.

The Australian All Ordinaries edged up 4.50 points or 0.07% to 6,116.50.

On foreign exchange markets the euro continued its meteoric rise, ending the day in Sydney on Friday at around 1.1360.

The British pound rose to 1.2654. The Japanese yen was little changed, albeit weak at 109.35.

The Swiss franc strengthened to 0.9559.

The Canadian dollar firmed to 0.9559. The Australian dollar rose strongly to 0.6996. The New Zealand dollar appreciated to 0.6504.

Overnight on Wall Street, the Dow Jones Industrial Average was up 11.93 points, or 0.05%, at 26,281.82.

The Standard and Poor's 500 fell 10.52 points, or 0.34%, to 3,112.35.

The Nasdaq Composite was off 67.10 points, or 0.69%, at 9,615.81.

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