Asian Shares Extend Gains On Vaccine Optimism
CANBERA (dpa-AFX) - Asian stocks ended mostly higher on Tuesday as concerns about volatile retail trading receded and investors pinned hopes that declining coronavirus cases and vaccine rollout will support near-term economic recovery. Optimism about talks regarding U.S. stimulus also boosted sentiment.
Chinese shares ended notably higher and short-term money rates eased to two-week lows as signs of liquidity tension in the interbank money markets started to fade. The benchmark Shanghai Composite index rose 28.40 points, or 0.81 percent, to 3,533.68, while Hong Kong s Hang Seng index ended up 355.84 points, or 1.23 percent, at 29,248.70.
Japanese shares extended gains from the previous session on optimism around U.S. stimulus plans and hopes for robust earnings. The Nikkei average ended up 271.12 points, or 0.97 percent, at 28,362.17 amid reports that the government will extend a state of emergency for Tokyo and surrounding cities for
[BENGALURU] Australian shares touched a two-month low on Monday, hit by concerns over coronavirus vaccine rollouts and a sluggish economic recovery, following a Wall Street rout last week due to a clash between hedge funds and retail investors. Read more at The Business Times.
Silver prices could be over 100 dollars by mid-year - analyst Miners snap three-day losing streak (Updates to close)
Feb 1 (Reuters) - Australian shares closed higher on Monday, helped by gains in precious metal stocks, with silver prices at a near six-month high as retail investors piled into the commodity in what appeared to be social media-hyped buying.
The S&P/ASX 200 index closed 0.8% higher to 6,663 at market close, reversing a 1.4% fall earlier in the session and snapping a three-day losing streak.
Silver, traditionally considered a safe-haven asset, rose 7% after social media-driven investors flooded into the market to recreate the frenzy that led to a meteoric rise in GameStop shares last week.
WRAPUP 8-Retail investors turn attention to silver as GameStop shares retreat Reuters 2/1/2021
(Adds House committee meeting, Australia opens, short-sellers cut losses) Silver price leaps as much as 11% before falling back GameStop shares retreat even as short-selling eases Wall St recovers from last week s sharp losses Robinhood raises $3.4 billion in funds from investors in a week
By Tom Westbrook, Thyagaraju Adinarayan and Jeff Lewis
LONDON/TORONTO, Feb 1 (Reuters) - A social media-driven buying spree lifted silver to an eight-year high on Monday, though prices later pared gains on doubts about the ability of retail traders that have been focused on stocks to sway prices in the bigger, more liquid commodity.
Korean Gains Spark Uprising on Asia Markets Advertisment Stocks in Asia-Pacific surged on Monday as silver prices saw strong gains.
The Nikkei 225 regained 427.66 points, or 1.6%, to 28,091.05.
The Japanese yen traded at 104.69 per U.S. dollar following its weakening last week from levels below 104 against the greenback.
The Hang Seng index in Hong Kong restocked 609.15 points, or 2.2%, to 28,283.71.
Korean markets led the region, as shares of biopharmaceutical firm Celltrion soared 14.5%.
Shares of several Australia-listed miners surged in Monday trade: Argent Minerals soared 59.7% while Adriatic Metals jumped 19.8% and South32 gained 3.9%. That came as spot silver prices rose, last trading more than 10% higher at $29.78 an ounce.