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Asia stocks higher as Wall Street gains on Covid-19 recovery hopes

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SINGAPORE, May 6 : Asian stock markets were mixed on Wednesday as hopes for a global economic recovery rose after more governments eased anti-virus controls.
Shanghai, Hong Kong and Southeast Asian markets followed Wall Street higher while Sydney declined.
Japanese markets were closed for a holiday.
Investors are increasingly optimistic as European countries and some US states allow businesses to reopen despite warnings coronavirus infections still are rising in areas such as Brazil and economic recovery could be some way off.
President Donald Trump, running for re-election in the midst of a slump that has thrown more than 20 million Americans out of work, said on Tuesday he wants the US economy to reopen but acknowledged some people will be “badly affected”.
“The view that the benefit outweighs the costs had invited the market to largely shrug off the concerns here,” despite Trump’s “acknowledgement of more fatalities,” said Jingyi Pan of IG in a report.
Benchmarks in New Zealand and Singapore advanced while Jakarta declined. Bangkok was closed for a holiday.
On Wall Street, the benchmark S&P 500 index closed 0.9 percent  higher on Tuesday after losing about half its early gains in a burst of afternoon selling.
Technology and healthcare stocks accounted for much of the gains, which followed a strong showing in overseas markets.
Many analysts are sceptical of the rally. They say it is overdone given uncertainty about how long the recession will last. But the S&P 500 has recovered more than half its losses in a sell-off earlier in the year.

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