Asia Stocks Rise as Optimism on Reopening the Economy Overwhelms U.S.-China Tension

Stocks in Asia continue to advance in the morning session on Thursday, May 28, 2020, after an overnight surge in Wall Street despite rising tension between the U.S. and China.

 

As of 9:03 local time in Thailand (GMT+7), Nikkei jumped 2.04%, SSEC gained 0.64%, HSI rose 0.19%, ASX 200 soared 2.34% and Kospi advanced 0.78%.

Over the night Dow Jones closed 553.16 points higher or 2.2% to 25,548.27 points. S&P 500 rose 1.5% and Nasdaq gained 0.8%.

 

Investors still traded on the positive sentiment over the reopening economy, especially Japan that recently cancelled the state of emergency, while Germany is expected to allow a travel in Europe by June, raising hopes for a faster economic recovery.

However, the tension between the U.S. and China still escalated as The House of Representatives passed legislation to sanction against Chinese officials over the detention and torture of Uighur Muslims.

Meanwhile, protesters in Hong Kong still maintained their demonstrations to deny the new national security laws, proposed by Beijing. Yesterday, China said that it will take countermeasures on any foreign interference regarding the new national security laws Beijing aims to implement in Hong Kong.