World Asian markets extend global rally as earnings trump virus worries
Woman Charged With Hate Crime After Allegedly Punching, Hurling Slurs at Asian Boy
A video of the alleged attack on a 6-year-old Korean American boy has been shared on TikTok more than 2,100 times.Nextshark, which identifies itself as "a leading source covering Asian and Asian American news," shared a Tiktok video that documented the aftermath of the alleged attack and spoke with the mother of the 6-year-old boy who was targeted. The mother, identified by her TikTok handle @uhmmajo, told Nextshark the video helped officials find the alleged attacker, whom the news outlet identified as Shelly Hill.
Asian markets rallied Thursday as worries about the Delta variant were overshadowed by more strong earnings reports that indicated companies were faring well as the global economy emerges from last year's pandemic-induced collapse.
After a painful start to the week, investors were back in the saddle after Wall Street and Europe enjoyed back-to-back rallies thanks to optimism about the outlook, and despite surging infections that have forced some governments to reimpose lockdowns or other containment measures.
Donald Trump May Already Be Violating Campaign Laws
In his latest round of will-he-or-won’t-he, Donald Trump on Sunday got closer than ever to indicating he will run for president again, telling Fox Business he’s already made up his mind but can’t reveal his answer because of campaign finance issues. The thing is, experts told The Daily Beast, in his quest to avoid violating election laws, Trump may have done just that. Asked on Sunday about a possible 2024 bid, the former president told Fox Business host Maria Bartiromo, “I do know my answer, but I can’t reveal it yet because that has to do with campaign financing.
Confidence in the long-term recovery has been fortified by data showing that while even fully vaccinated people have become infected with the new strain of Covid -- such as in the United States and Britain -- hospitalisation and death rates among those people have remained relatively low, suggesting the drugs are working.
"The base case in the US is that the rise in Delta infections will not see restrictions tightened and although vaccination rates differ by state, 79.5 percent of the over-65s population is now fully vaccinated," said National Australia Bank's Tapas Strickland.
He added that while Delta concerns remained, "the consensus is that it does not pose an immediate risk to the recovery. At most, given effective vaccines, Delta pushes out the recovery by a quarter as countries seek to vaccinate a higher share of their respective populations before fully repealing virus restrictions".
US state mandates Asian American history in school
Illinois' first-in-the-nation measure gained support after a wave of anti-Asian violence in the US.Attacks on Asian Americans have been rising since the start of the pandemic, and state officials say the law will combat false stereotypes and bigotry.
US traders cheered after forecast-beating earnings from Verizon and Coca-Cola, while United Airlines predicted profits down the line despite Covid curtailing travel.
Observers said about 85 percent of US firms that have reported so far have beaten expectations.
"Earnings estimates are quite remarkable, probably some of the best on record," David Mazza, at Direxion, told Bloomberg Television. "Even through all this, we have central bank liquidity remaining very abundant, economic growth being robust.
"Certainly there are some question marks around how long that can continue, but for the time being momentum is at investors' back."
- Inflation lingers -
All three main indexes in New York enjoyed healthy gains while London, Paris and Frankfurt jumped more than one percent for a second day running.
And Asia extended the rally, with Hong Kong leading the way by climbing 1.8 percent, while Singapore, Seoul, Jakarta and Manila also put on more than one percent. There were also gains in Shanghai, Sydney and Taipei. Tokyo was closed for a holiday.
Pro-Trump Sheriff's 'Ludicrous' Voting Probe Denounced as Private Investigators Question Clerks
Michigan's Barry County Sheriff Dar Leaf launched the investigation despite Trump winning there by double digits.Barry County Sheriff Dar Leaf has claimed, as has Trump, that there was voter fraud leading to President Joe Biden's win in the 2020 election. This claim has led the sheriff to open an investigation into voting machines in Barry County, as officials there have denounced the probe as "absolutely ridiculous and ludicrous," CBS local affiliate News Channel 3 reported on Friday.
However, analysts warned that the earnings reports had also shown that inflation remained an issue, with some saying price pressures were higher and longer lasting than foreseen.
A long-running concern on trading floors is that an extended period of high price rises will force the Federal Reserve to tighten monetary policy earlier than thought, though the central bank has persistently denied it would act too soon.
Video: Are low interest rates enough? (CNBC)
"The key uncertainty for inflation though is whether these cost pressures are persistent and whether they are passed on to retail prices," Strickland said.
Joe Biden looked to temper any worries Wednesday, telling a CNN town hall gathering "there will be near-term inflation" owing to the healthy economic recovery. But he added that most experts thought "it's highly unlikely that it's going to be long-term inflation that's going to get out of hand".
Oil prices dipped slightly after rallying more than four percent Wednesday, helping wipe out almost all Monday's hefty losses, as demand optimism was boosted by news from the Energy Information Administration that stockpiles had fallen last week.
Inside the Trump Org Money Man's Interview with Investigators
Jeff McConney, a high-ranking accountant at the Trump Organization, has reportedly already testified before the special grand jury in New York that yielded a criminal indictment against the company. But as prosecutors look at additional charges, never-before-seen testimony from McConney during an earlier civil case four years ago shows that while this Trump insider quickly acknowledges when the company runs afoul of the law, he does his best to protect the boss.
The commodity had taken a hit Monday on Delta fears and after OPEC and other major producers agreed a deal to lift output from next month.
"In the near term there may be some volatility, but anything below $70 will not sustain for long," Howie Lee, at Oversea-Chinese Banking, said.
Bitcoin was hovering around $32,000, having recovered back above the $30,000 level it lost this week, helped by comments from tycoon Elon Musk, who said his SpaceX firm had investments in the cryptocurrency.
- Key figures around 0230 GMT -
Hong Kong - Hang Seng Index: UP 1.8 percent at 27,716.68
Shanghai - Composite: UP 0.1 percent at 3,566.65
Tokyo - Nikkei 225: Closed for a holiday
Dollar/yen: DOWN at 110.13 yen from 110.28 yen
Pound/dollar: UP at $1.3710 from $1.3708 at 2130 GMT
Euro/dollar: DOWN at $1.1797 from $1.1801
Euro/pound: UP at 86.06 pence from 86.00 pence
West Texas Intermediate: DOWN 0.3 percent at $70.09 per barrel
Brent North Sea crude: DOWN 0.4 percent at $71.98 per barrel
New York - Dow: UP 0.8 percent at 34,798.00 (close)
London - FTSE 100: UP 1.7 percent at 6,998.28 (close)
-- Bloomberg News contributed to this story --
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The sudden rise and precipitous fall of Newsmax, explained by an expert.But with Trump now more than seven months removed from the White House, out-Trumping the competition isn’t proving to be the ratings hit these days that it was in December and January.