Chinese stocks drove Asian markets higher on Monday, though sentiment was still cautious ahead of a U.S. Presidential debate and as a spike in new coronavirus cases undermined global economic recovery hopes.
FILE PHOTO: People wearing protective masks, following the coronavirus disease outbreak, are reflected on a screen showing stock prices outside a brokerage in Tokyo, Japan August 31, 2020. REUTERS/Kim Kyung-Hoon/File photo
Chinese shares opened higher and helped to underpin Asian markets after a tentative start, with the blue-chip CSI 300 index up 0.85%. Shanghai’s SSE climbed 0.5%. Australia’s main share index reversed early losses to edge up, led by positive news on the coronavirus front with new infections in the country’s second-most populous state of Victoria down sharply and allowing authorities to ease some of the mobility restrictions.
“Clouds have started to gather over the developed world as political uncertainty increases in the U.S. and Europe grapples with a resurgence in COVID-19 cases,” Kerry Craig, Global Market Strategist, J.P. Morgan Asset Management. Investor focus will next be on the first debate between U.S. President Donald Trump and rival Joe Biden on Tuesday ahead of the November election.
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