US stock futures and Asian markets are up following China data, Monday’s gains

US stock futures and Asian markets are up following China data, Monday’s gains

Dow (INDU) futures climbed 110 points, or 0.5%. S&P 500 (SPX) futures were up around 0.5% and Nasdaq Composite (COMP) futures gained about 0.8%.
Asian markets, meanwhile, rose broadly. Australia’s S&P/ASX 200 jumped 1.4%. South Korea’s Kospi (KOSPI) gained 1.9%, and Japan’s Nikkei 225 (N225) added 0.7%. The above markets held onto earlier gains, after government data from China showed the country’s factory activity unexpectedly expanded in March after taking a heavy hit from the coronavirus outbreak last month.

The official manufacturing Purchasing Managers’ Index surged to 52 in March, from a record low of 35.7 in the previous month. It beat a forecast of 45 by analysts polled by Reuters. The official non-manufacturing PMI also jumped to 52.3 from February’s 29.6.

A reading above the 50-point level indicates growth compared to the previous month, while anything lower shows a contraction.

Hong Kong’s Hang Seng Index (HSI) and China’s Shanghai Composite (SHCOMP) rose 1.5% and 0.6% respectively after the data were released.
In the United States, each of the three indexes gained more than 3% on Monday, even as the coronavirus outbreak spreads and its impact on the economy continues to unfold. On Monday, Macy’s (M) said it will furlough a majority of its 125,000 workers.
The biggest gainer in the Dow was Johnson & Johnson (JNJ), which surged 8% after saying it hoped to have an experimental coronavirus vaccine ready for human testing by September.
On the oil front, US crude oil prices sunk nearly 7% Monday, finishing at $20.09 a barrel. At session lows, oil touched $19.27 a barrel — the weakest intraday price since February 2002. On Tuesday morning, US oil futures rebounded to $21.61 a barrel during Asian trading hours.
US oil has now lost 68% of its value since its recent peak of $63.27 a barrel on June 6, following a price war between Saudi Arabia and Russia and as oil demand suffers because of coronavirus mitigation measures.

–CNN’s Paul LaMonica and Matt Egan contributed to this report.

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