|Day's Range||5,497.00 - 5,615.60|
|52 Week Range||4,402.50 - 7,197.20|
Asian stocks were up on Tuesday morning after Moderna (NASDAQ:MRNA) announced “positive” results for its potential COVID-19 vaccine. President Xi Jinping said that China will provide $2 billion over two years to help other countries combat COVID-19 during the opening ceremonies for the World Health Assembly on Monday. Meanwhile, U.S. President Donald Trump also threatened to cut funding to the World Health Organization and withdraw U.S. membership.
While many analysts regarded last week’s weakness as a natural correction of the rally, they have become increasingly worried about rising U.S.-China tensions.
Asian stocks were down on Tuesday morning, giving up their gains from the previous session as fears of a second wave of COVID-19 infections mount. Down Under, the ASX 200 led the losses as it slid 1.55% by 10:17 PM ET (3:17 AM GMT) and Hong Kong’s Hang Seng Index fell 1.42%. The country’s National Bureau of Statistics said that the consumer price index for April declined 0.9% month on month but rose 3.3% year on year..
Asian stocks ended the week on a high buoyed by the NASDAQ board entering positive territory for the first time in 2020 during the previous session. Japan’s Nikkei 225 led the gains as it rose 2.07% by 10:53 PM ET (3:53 AM GMT) after the country granted “exceptional approval” to Gilead Sciences' (NASDAQ:GILD) remdesivir. The drug received FDA emergency use authorization earlier in the week.
Asian stocks were mixed on Wednesday morning with Chinese markets returning from a five-day holiday. Investors were cautious as they monitored Chinese reaction to accusations from top U.S. officials that the COVID-19 virus originated in a Wuhan lab. "There is a distinct risk-off tone to greet China coming back from holiday," Stephen Innes, chief global markets strategist at AxiCorp, told Reuters.
Asian stocks suffered losses on Monday morning as tensions escalated between the United States and China, prompting investor fears of a further obstacle to the global economic recovery from the COVID-19 pandemic. U.S. Secretary of State Michael Pompeo said overnight that there was “enormous evidence” showing that the COVID-19 outbreak began in a Wuhan laboratory, but he did not elaborate on what the evidence was. Pompeo’s comment came after U.S. President Donald Trump demanded answers from China about the virus’s origin, even hinting at possible retaliation last Thursday.
Asian stocks were up on Wednesday morning as investors await a U.S. Federal Reserve decision on interest rates, expected later in the day. “We are not expecting any policy action from the Fed, which has already unleashed unwavering policy easing at emergency meetings; from slashing rates to essentially zero; “unlimited QE”; to various extended liquidity/lending facilities,” Mizuho Bank analysts said in a note.
Down Under, the ASX 200 was the lone bright spot as it gained 0.63% by 10:34 PM ET (3:34 AM GMT). Japan’s Nikkei 225 slid 0.84% even as the Bank of Japan contemplated replacing its government bond-purchase target to allow unlimited buying. The slide came as investors digested Thursday’s Financial Times report that Gilead Sciences' (NASDAQ:GILD) antiviral drug remdesivir failed its first randomized clinical trials.
South Korean shares exposed to North Korea tumbled on multiple reports that North Korean leader Kim Jong Un may be ill, even as the South Korean government said he was not.
Asian stock markets managed to hold onto earlier gains on Friday as China reported its first contraction since 1992. China reported earlier in the day that its gross domestic product in the first quarter shrank by 6.8% year-on-year. Analyst forecasts prepared by Investing.com predicted a 6.5% contraction.