Asian Markets edge Higher despite Worries

The benchmark Asian and Pacific Rim financial equity markets inched higher during the Asian trade session on Friday. Regional traders are still concerned about the economic impact of the fast spreading coronavirus which originate in China.

So far the outbreak has killed 25 people and there are more than eight hundred cases reported worldwide.

The financial markets in South Korea and China are closed today as the Lunar New Year that starts on Saturday.

 In Japan, the benchmark Nikkei 225 close the day up 0.13 percent. The broader Topix index, in Tokyo, closed the day at the flat line.

In Hong Kong, the Hang Seng index recovered early losses to close up 0.15 percent for the day.

Elsewhere in the Asian and Pacific Rim, the benchmark Australian S&P ASX 200 was up a fraction of a percent to end the week at 7,090.50.

Asian Traders Worry about the Coronavirus and wait on PMI Data to come out Later Today

Traders are worried about the fast spreading viral infection originating in China about one month ago, The total number of coronavirus cases, around the world, is now over eight hundred.

There are at least 14 cases now outside China and over twenty people have died.

This coronavirus is bringing back old fears of the 2002-2003 outbreak of the severe acute respiratory syndrome (SARS) virus. This also originated in China.

On the economic calendar for today, traders are waiting on a whole slew of flash services and manufacturing purchasing managers’ indices (PMI) to be released.

Out of the Eurozone, France and Germany will be publishing their flash PMIs. The United Kingdom is also set to release manufacturing and services PMIs as is the United States.

Traders are also monitoring political instability out of the United States as the impeachment trial of President Donald Trump continues in the Senate.

It is not very likely that he will be removed from office but the political divide in the U.S. is deepening as they head into elections.