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Asian shares track Wall Street rebound, Shanghai up 1.3%

SeattlePI.com Tuesday, 4 February 2020
BANGKOK (AP) — Shares are higher in Asia, with the Shanghai Composite up 1.3% as China's central bank stepped up its intervention by channeling another 400 billion yuan ($57 billion) in extra funds into the market.

Markets were still far from giving the all-clear on the virus outbreak that has spread to more than 20 countries and killed more than 400 people. But calm returned after Monday's 8% plunge in Shanghai, despite news that the number of people infected by the virus from China has risen to more than 20,000.

The communist party newspaper People's Daily said in a tweet that a net 400 billion yuan in funds went into the markets following the People's Bank of China's injection of a net 150 billion yuan ($21 billion) on Monday. The central bank announced in advance that it would put 2 trillion yuan ($173 billion) into the market through reverse repurchases of securities on Monday when the markets reopened after a 10-day break that was prolonged to help reduce risks of further spreading the virus. The lion's share of that money went to cover maturities falling due.

Chinese leader Xi Jinping has declared the crisis the country's biggest priority, as tens of millions of people remain in lockdown as a precaution against contagion.

Japan's Nikkei 225 index gained 0.6% to 23,104.76, while the Kospi in South Korea jumped 2% to 2,158.30. Australia's S&P ASX/200 rose 0.4% to 6,948.70, while the Hang Seng in Hong Kong climbed 1.0% to 26,628.96. The Shanghai Composite jumped 1.3% to 2,783.45. Taiwan's benchmark surged 1.8% and the Sensex in India gained 2%.

“The market is still, for the most part, in the fear mode, but as traders consume more economic data fallout, the hit to the real economy should become more apparent. Then the market will get steered by data, not opinions, or the herd mentality," Stephen Innes of...
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