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A European stock market rally paused on Thursday.
South Korean shares rose for the fifth straight session on Thursday on hopes of a global economic recovery and further stimulus, but gains were capped by escalating Sino-US tensions.
THE Straits Times Index (STI) ended Thursday at 2,707.20 points, up 6.81 points or 0.3 per cent, tracking Wall Street’s gains on better employment and manufacturing data.
Many US-listed Chinese firms will likely list on the Hong Kong exchange this year, in part because of US political pressure following China’s new national security legislation on Hong Kong, the head of the exchange said on Thursday.
Wall Street stocks opened lower Thursday as the June rally showed signs of fatigue, while the US reported another jump in joblessness and the European Central Bank unveiled aggressive stimulus.
SINGAPORE shares opened on a firm footing on Thursday, in line with the rest of Asia, as investors pinned their hopes on a swift rebound in economies as Covid-19 lockdown measures ease.
The further easing of lockdown measures and signs that economies could be past the worst of the coronavirus crisis kept investors upbeat on Thursday but markets fluctuated on profit-taking and concerns over China-US tensions.
Hong Kong-listed shares of HSBC and Standard Chartered rose on Thursday after the banks backed China’s imposition of a national security law on the city, even as a pro-democracy and newly formed financial workers’ union criticised the move.
The stock market’s June rally continued on Wednesday as growing hopes of a smooth economic recovery drowned out nationwide protests.