Sydney Asian stocks continued to rally on Monday on hopes of an lifting of pandemic restrictions in China. There have been reports that the Beijing government may downgrade its coronavirus threat rating. Other Chinese cities had announced some easing of restrictions over the weekend.
“The easing of some restrictions, while not yet a complete departure from the dynamic zero-corona strategy, is further evidence of a shift in approach and financial markets appear to be more focused on the longer-term outlook than the short-term impact on activity, as virus cases are expected to continue,” said Taylor Nugent, economics expert at NAB.
The Nikkei index, which comprises 225 stocks, was 0.1 percent higher at 27,809 points. However, investors in the broader Topix Index were not encouraged by the news. The index fell by 0.5 percent and stood at 1944 points.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue