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Asian Markets Higher as Hong Kong Leads

Asian

The Asian and Pacific Rim markets were mostly higher on Tuesday as volume was thinner than usual as the financial markets in Japan were closed for a public holiday.

Asian traders are still worried over the rising death toll from the coronavirus, as well as recent commentary from the World Health Organization.

The Japanese Nikkei 225 as well as the Topix in Tokyo were closed.

By the afternoon hours, shares on the South Korean Kospi composite index were up over one percent. Shares of LG Chem jumped over five percent.

Elsewhere in the Asian and Pacific Rim, the Australian ASX 200 added 0.53 percent as mist subsectors were in the green. In Hong Kong shares on the Jang Seng index added 1.25 percent.

Shares of Tencent led the way gaining 1.7 percent.

On the mainland, in China, the markets were mixed. The Shanghai composite rose 0.3 percent and the smaller Shenzhen composite fell 0.13 percent.

Asian Traders Monitor the Coronavirus Death Toll

The World Health Organization said that the spread of the virus in china could be the “the spark that becomes a bigger fire” around the world.

The Wuhan strain of the coronavirus has killed over a thousand people in China. This is according to China’s health officials. They have also reported a drop in new cases.

Fed Chair Jerome Powell to Speak before Congress

Today, traders will be watching the start of Federal Reserve Chair Jerome Powell at his bi-annual Congressional testimony. He will deliver remarks in front of House Financial Services Committee and Senate Bank Committee. Traders are going to be listening to his tone.

If he is upbeat, thanks to last week’s better than expected non-farm payroll (NFP), this could be a boost for crude.

On the economic calendar, the United Kingdom will be releasing their fourth quarter gross domestic product (GDP). Bank of England Governor Mark Carney is also delivering commentary. The economic calendar out of Europe and Canada are quiet today.

About David Frank

David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.

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