Wed, 25 Nov 2020

U.S. dollar in demand in Asia, stocks mostly gain

Lola Evans
21 Oct 2020, 18:48 GMT+10

SYDNEY, NSW, Australia - Stocks in Asia were mostly stronger on Wednesday.

In Japan, the Nikkei 225 jumped 95.13 points or 0.40 percent to 23,662.17.

The Australian All Ordinaries added 6.30 points or 0.10 percent to 6,403.10.

In Hong Kong, the Hang Seng rallied despite the disclosure by Cathay Pacific that it would shed nearly 6,000 jobs and drop it's regional Cathay Dragon brand. This spells significantly bad news for the hospitality and tourism sector in Hong Kong which survives and thrives on tourism. Nonetheless the Hang Seng jumped 184.88 points or 0.75 percent to 24,754.42.

In China, the Shanghai Composite was little changed, declining 3.08 points or 0.09 percent to 3,325.02.

The big story on Asian markets on Wednesday was a sudden spike down in the U.S. dollar. With the presidential election two weeks ago, lawmakers struggling to finalise a stimulus package, and the coronavirus surging in a renewed spike across numerous U.S. states, Europe and the U.K., demand for the dollar which has been poor at best for months, took a renewed downward move.

The euro strengthened to 1.1858. The British pound gained almost a cent to 1.3044. The Japanese yen climbed to 104.92. The Swiss franc firmed to 0.9041.

The Canadian doll;ar rose to 1.3124. The Australian dollar was stronger at 0.7079. The New Zealand dollar rose to 0.6616.

Overnight on Wall Street, the Dow Jones Industrial Average rose 113.37 points, or 0.40 percent, to 28,308.79. The S&P 500 was up 16.20 points, or 0.47 percent, to 3,443.12. The Nasdaq Composite Index increased 37.61 points, or 0.33 percent, to 11,516.49.

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