BEIJING – Asian stocks followed higher on Wall Street on Tuesday after President Joe Biden invited Republicans to a meeting to discuss economic aid, while silver dropped an eight-year high.
Market benchmarks in Shanghai, Tokyo, Hong Kong and Seoul have all advanced.
On Wall Street, the S&P 500 index rose 1.6%, recovering losses earlier in the week amid turbulent trading by video game trader GameStop and other stocks targeted by novice traders.
In Washington, Biden invited 10 moderate Republicans to the White House to discuss his proposed $ 1.9 billion economic aid plan. Republicans earlier opposed an offer of $ 600 billion, or less than one-third of Biden’s proposed amount.
“The sound of more stimulus, which tends to increase all boats, was music to the ears of the market,” Stephen Innes of Axi said in a report.
The Shanghai Composite Index SHCOMP,
increased by 0.5% while the Nikkei 225 NIK,
in Tokyo 0.8% added. The Hang Seng HSI,
in Hong Kong rose 1.8%.
Die Kospi 180721,
in Seoul was 1.6% higher and Sydney’s S & P / ASX 200 XJO,
1.4%.
Stocks withdrawn in NZ50GR, New Zealand,
but JAKIDX rose in Indonesia,
Singapore STI,
in Taiwan Y9999,
Silver declined after jumping to its highest level in eight years at some point.
Silver for delivery in March SIH21,
throws 81 cents, or 2.7%, to $ 28.61 an ounce in London.
Last week, there were posts on the RedStit forum WallStreet Bets and other places on social media encouraging small investors to buy silver. It skyrocketed on Monday, but many online investors said it was not them who would be offering the price.
Smaller traders learn “the silver market is much larger than some smallholder stocks they have traded,” Edward Moya of Oanda said in a report. “Purchases of silver coins and bets on call options are not enough for a manager to drive up silver prices.”
On Wall Street, the S&P 500 index is SPX,
to 3,773.86. The Dow Jones Industrial Average DJIA,
increased by 0.8% to 30 211.91. The composite Nasdaq COMP,
it rose 2.5% to 13,403.39.
US markets were hit by the hectic trading in GameStop and other stocks that were expected to decline but increased after beginners bought traders. Other investors said hedge funds betting on these stocks were losing money and selling other stocks.
GameStop GME,
fell 30.8% to $ 225 per share. It ended at about $ 18 last year.
The hope for economic aid, coupled with the Federal Reserve’s promise to keep low-cost credit plentiful, has brought the S&P 500 and other major indices to a record high.
Investors are offering shares after 2021 in the expectation that the introduction of coronavirus vaccines will bring global business and travel back to normal. That optimism was dampened by infection spikes and interruptions in the delivery of vaccines.
The markets were last week by AstraZeneca’s AZN,
announcement that it would supply less than half of the promised doses to the European Union, forcing the EU to apply export controls. AstraZeneca on Sunday promised to increase European stocks and start delivery earlier.
In the energy markets, the standard American CLH21,
rose 52 cents to $ 54.07 a barrel. The contract received $ 1.35 at $ 53.55 a barrel on Monday. Brent ru BRNJ21,
used to price international oils, added 49 cents in London to $ 56.84 a barrel. This increased the previous session from $ 1.31 to $ 56.35.
The USDJPY dollar,
rose to 104.92 yen from Monday’s 104.94 yen.