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Asian Markets Mostly Higher
CANBERA (dpa-AFX) - Asian stock markets are mostly higher on Tuesday despite the absence of fresh cues from Wall Street, which was closed overnight for a holiday. Investors remained optimistic that economic growth in China will help support growth in the Asian region. Data released on Monday showed that China s economy gained further momentum towards the end of 2020.
Investors now look ahead to comments from U.S. Treasury Secretary nominee Janet Yellen on U.S. stimulus at the Senate confirmation hearing later today, with her prepared remarks calling on the federal government to act big .
The Australian market is rebounding following losses in the previous session, as investors digested production results from mining giant Rio Tinto.
Vicinity Centres(ASX: VCX) shares tumbled lower last week.
The GUD share price was out of form last week and dropped 4.2% lower over the shortened week. On Friday the automotive and water products company completed the acquisition of the ACAD business from
AMA Group Ltd(ASX: AMA) for $70 million. This excludes the ACM Auto Parts and Fluiddrive businesses. Given that its shares have underperformed since announcing the deal, investors may not be overly convinced with the purchase.
The QBE share price wasn’t far behind with a 3.7% decline. The insurance giant’s shares have come under pressure recently after it provided its guidance for FY 2020. QBE expects to report an adjusted net cash loss after tax of approximately $780 million. This includes a pre-tax impact of $470 million from COVID-19 costs. There are also additional claims from trade credit, lenders’ mortgage insurance, casualty classes and business interruption.