Asian shares were mixed Wednesday as market players waffled between hopes for recovery as economies gradually reopen and worries over the havoc wreaked by the pandemic.
Japan's benchmark Nikkei 225 rose 0.8% to finish at 20,595.15 on expectations that a state of emergency still in effect for Tokyo and seven other cities and prefectures may soon end. South Korea's Kospi gained 0.5% to 1,989.57. and Australia's S&P/ASX 200 rose 0.2% to 5,573.00. But Hong Kong's Hang Seng slipped nearly 0.1% to 24,366.81. The Shanghai Composite fell 0.7% to 2,878.36.
Japanese electronics and entertainment company Sony Corp. stock gained at the opening, following its announcement after markets closed Tuesday that it was making its financial services unit a wholly owned subsidiary. But worries took over and the stock lost 2.3% on Wednesday.Wall Street stocks ended broadly lower, as trading turned wobbly a day after the market notched its biggest jump in more than five weeks on optimism about the vaccine from Massachusetts-based Moderna Inc.
Investors are betting that the economy and corporate profits will begin to recover from the coronavirus pandemic as the U.S. and countries around the world slowly open up again. However, concerns remain that the relaxing of stay-at-home mandates and the reopening of businesses could lead to another surge in infections, potentially ushering in another wave of shutdowns.
Walmart reported a 74% surge in fiscal first-quarter sales as people stocked up on crucial supplies while sheltering in place due to the coronavirus. Its earnings fell as it spent $900 million in additional compensation for workers, but still topped Wall Street's forecasts. Its shares initially headed higher, but finished 2.1% lower.
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