Asian shares rose Tuesday, cheered by a rally on Wally Street reflecting some optimism over stronger than expected economic data, despite widening coronavirus outbreaks.
Japan's benchmark Nikkei 225 gained 1.3% to finish at 22,288.14. South Korea's Kospi gained 1.2% to 2,117.58, while Australia's S&P/ASX 200 rose 1.4% to 5,897.90. Hong Kong's Hang Seng inched up nearly 0.1% to 24,318.54. The Shanghai Composite was trading at 2,977.29, up 0.5%.
Increases in production and new orders, especially export orders, points to a rebound in foreign demand, though it remains much weaker than overall new orders, said Martin Rasmussen, an economist at Capital Economics. The pickup in U.S. stocks after a weekly loss marks the latest choppy move for markets around the world, which have been swinging back and forth in recent weeks as investors balance hope for a relatively quick economic rebound as more businesses reopen against worry as an increase in confirmed new coronavirus cases forces some businesses to close their doors again.
Stocks of smaller companies also jumped more than the rest of the market, which often happens when investors are feeling more optimistic about the economy. The Russell 2000 index of small-cap stocks picked up 3.1%, to 1,421.21. The index made up for all of its loss from last week. Florida and Texas put new restrictions on bars to slow the spread of the virus, for example, which helped drive the S&P 500 to a loss of 2.9% last week. Other government around the world are likewise backtracking on efforts to reopen their economies following widespread lockdowns that sent the global economy into a sudden, severe recession.
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