Stocks gain even as China contagion fears rise

Video Credit: Reuters Studio
Published on June 17, 2020 - Duration: 01:15s

Stocks gain even as China contagion fears rise

Most Asian and European stock indexes rose Wednesday, even after signs of a rise in new coronavirus cases in China.

Julian Satterthwaite reports.

Stocks gain even as China contagion fears rise

Around half of all inbound flights to Beijing were cancelled Wednesday.

That as the number of new coronavirus cases in the city ticked up again.

The news has some residents heading back to their hometowns in case there’s a new lockdown.

But it wasn’t enough to chill global stock markets.

Most Asian indexes gained Wednesday, with Hong Kong closing half a percent higher.

Japan’s Nikkei the only loser in the region.

Data showing a 28% plunge in exports one big negative there.

The wider gains carried over into the European open though, with the regional Stoxx index up about point-7 percent in early trade.

Financials were among the top gainers.

HSBC rose 1% after it said it would revive cost-cutting plans that were shelved during the health crisis.

Deutsche Bank gained over 1% after it said the fallout from the crisis could accelerate consolidation in the sector.

Some robust earnings also helped the mood.

Shares in online retailer Boohoo surged 9% on news its first-quarter revenue jumped by almost a half.

Shares in DIY store operator Kingfisher rose 5% percent after it said sales were up by a fifth so far in the second quarter.

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