Shares were mixed in Asia after a 3.4% gain on Wall Street overnight as investors chose a positive focus for data about the coronavirus outbreak’s trajectory. | AP
“Risk assets continued to rally on the perception that the global economy will open up again quicker than expected,” Stephen Innes of AxiCorp said in a commentary.
“The icing on the cake, … a ‘good’ outcome for oil prices from the OPEC+ meeting would be a global agreement to cut output … beyond OPEC and Russia, although demand concerns will persist,” Innes said. Many analysts say they’re skeptical of the recent stock rally given how much uncertainty still remains. The death toll continues to rise, millions of people are still losing their jobs by the week and the economic pain is worldwide.The Nikkei 225 index fell to 19,268.26 after opening higher on Thursday. Shares also fell in Taiwan, Malaysia and Indonesia.
“It’s positive that people are talking about reopening the economy,” said Jeff Buchbinder, equity strategist for LPL Financial. “The more we can focus on what the economy will look like several months out, the better it will be for markets.” Gap rose 12.6%, United Airlines gained 12.4% and Diamondback Energy was up 13.5% as investors imagined people shopping again at stores, flying for vacations and driving to the office once stay-at-home orders are relaxed. All three, though, are still down more than 50% for 2020 so far.
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