Asian stocks started on a positive note Monday, buoyed by gains on Wall Street last week although spiraling COVID-19 cases in China weighed on sentiment in thin holiday trade. | AFP
The Shanghai Composite Index was up 0.65 percent, or 19.70 points, at 3,065.56, while the Shenzhen Composite Index on China’s second exchange rose 1.33 percent, or 25.92 points, to 1,975.93.A set of fresh data last week indicated a slowing of US inflation, although many investors kept their guard high, predicting sluggish overall growth next year.
But analysts expected caution to rule the day until more concrete signs emerge that inflation in under control. “The final week of key US economic releases for the year contained more lumps of coal than holiday presents in the stocking, hinting that it is dead slow ahead as all signs point to slower growth next year.”China’s surging Covid-19 cases also pose a concern but with the country’s National Health Commission saying on Sunday that it would no longer publish daily case numbers, assessing the impact of the pandemic on the world’s second-largest economy would be even more complicated for investors.
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