AP

Asian stocks follow Wall Street up as virus curbs tightened

Aug 8, 2021, 8:44 PM | Updated: Aug 9, 2021, 12:02 am

BEIJING (AP) — Asian stock markets followed Wall Street higher Monday after China and Australia tightened anti-virus controls that threaten to weigh on an economic recovery.

Shanghai, Hong Kong, South Korea and Sydney advanced. Japanese markets were closed for a holiday.

On Friday, Wall Street ended at a new high after a government report showed the U.S. job market improving.

Investors have been encouraged by higher U.S. corporate profits and the global spread of coronavirus vaccinations. But the delta variant’s spread has prompted some governments to reimpose controls on business and travel.

China has reimposed travel controls as it tries to stop a rash of outbreaks. Australia’s two most populous states have told the public to stay home except to go to work or for a handful of other reasons.

“The right question for everyone to be asking, including financial market participants, is when lockdowns will come to other economies,” said Carl B. Weinberg of High Frequency Economics in a report. “This is central bankers’ worst nightmare coming true.”

The Shanghai Composite Index gained 0.5% to 3,475.78 and Hong Kong’s Hang Seng gained 0.8% to 26,406.36.

The Kospi in Seoul was up less than 0.1% at 3,273.47 and the S&P-ASX 200 in Sydney gained 0.2% to 7,557.20.

New Zealand and Jakarta, Indonesia, gained while Bangkok declined.

China has cut off most access to a city of 1.5 million people, canceled airline flights and told the public to avoid travel if possible after a spate of cases tied to travelers from overseas who were infected with the delta variant.

Australia’s central bank governor, Philip Lowe, warned Friday the economy is likely to shrink in the quarter ending in September after New South Wales, where populous Sydney is located, and Victoria, with Melbourne and major companies, declared health emergencies.

On Friday, Wall Street’s benchmark S&P 500 index rose 0.2% to 4,436.52. The index ended up 0.9% for the week.

The Labor Department reported employees added 943,000 workers in July, well above forecasts, and wages rose.

Economists said the report will give the Federal Reserve another reason to reduce bond purchases that inject money into the financial system.

The Dow Jones Industrial Average gained 0.4% to 35,208.51. The Nasdaq fell 0.4% to 14,835.76.

In energy markets, benchmark U.S. crude tumbled $1.49 per barrel to $66.79 in electronic trading on the New York Mercantile Exchange. The contract fell 81 cents on Friday to $68.28. Brent crude, the price standard for international oils, lost $1.50 to $69.20 per barrel in London. It fell 59 cents the previous session to $70.62.

The dollar edged down to 110.21 yen from Friday’s 110.23. The euro gained to $1.1762 from $1.1758.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

TikTok is suing the U.S. government to block potential app ban...

Associated Press

TikTok sues US to block law that could ban the social media platform

TikTok is suing the U.S. government. It and its parent company, ByteDance, say a new law could force it to shut down operations.

9 hours ago

antisemitism on college campuses Holocaust remembrance...

Associated Press

Biden condemns antisemitism at college protests of Gaza war at Holocaust remembrance event

President Joe Biden on Tuesday decried a “ferocious surge” in antisemitism on college campuses and around the globe in a Tuesday speech.

10 hours ago

Stormy Daniels testified in Donald Trump's hush money trial...

Associated Press

Here is what Stormy Daniels testified happened between her and Donald Trump

Porn actress Stormy Daniels testified on Monday and refuted accusations that she tried to extort money from former President Donald Trump.

11 hours ago

Pro-Palestinian protesters break through barriers at MIT...

Associated Press

Pro-Palestinian protesters break through barricades to retake MIT encampment

Pro-Palestinian protesters broke through barricades to retake their encampment at MIT. Here are updates from Columbia and other universities.

1 day ago

American soldier arrested in Russia, accused of stealing...

Associated Press

Married American soldier arrested in Russia, accused of stealing from girlfriend, US officials say

An American soldier who is married has been arrested in Russia's port city of Vladivostok and accused of stealing from a Russian girlfriend.

1 day ago

Follow @ktar923...

Sponsored Content by Day & Night Air Conditioning, Heating and Plumbing

Beat the heat, ensure your AC unit is summer-ready

With temperatures starting to rise across the Valley, now is a great time to be sure your AC unit is ready to withstand the sweltering summer heat.

Sponsored Articles

...

Condor Airlines

Condor Airlines can get you smoothly from Phoenix to Frankfurt on new A330-900neo airplane

Adventure Awaits! And there's no better way to experience the vacation of your dreams than traveling with Condor Airlines.

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

...

Fiesta Bowl Foundation

The 51st annual Vrbo Fiesta Bowl Parade is excitingly upon us

The 51st annual Vrbo Fiesta Bowl Parade presented by Lerner & Rowe is upon us! The attraction honors Arizona and the history of the game.

Asian stocks follow Wall Street up as virus curbs tightened