Australia: Shares set to snap three-day losing streak; New Zealand up businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
Dec 23 (Reuters) - Australian shares rose on Wednesday on the back of gains in financial and tech stocks after three straight sessions of losses due to fears over a fast-spreading new COVID-19 strain and fresh restrictions at home.
The S&P/ASX 200 index rose 0.8% to 6,654.20 by 0039 GMT.
The benchmark index dropped more than 2% over the past three sessions as the detection in Britain of the new coronavirus variant prompted many countries to shut their borders with the nation, raising fears of a slower global economic recovery.
“Europe and the U.S. are high risk areas and money is leaving them and moving to other regions like New Zealand and Australia, where market risk is nearly the same but pandemic risk is much lower,” said Mathan Somasundaram, chief executive at Deep Data Analytics.
Australia: Shares snap seven-day rally as tensions with China escalate businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.