Tue. Sep 29th, 2020

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Asian shares recovering

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A pedestrian is reflected in the window of the Australian Securites Exchange in Sydney on March 13, 2020, as Australian stocks were down 7.3 percent in early trading. - Global stock markets suffered historic falls as panic spread on March 13 over the spiralling coronavirus crisis that has killed nearly 5,000 and infected sport, schools and society across the planet. (Photo by Saeed KHAN / AFP)

Asian shares were set gain on Wednesday, encouraged by buoyant U.S. moves that followed stronger-than-expected manufacturing indicators while the dollar emerged from its recent lows against the euro.

Investors in Asia await Australia’s gross domestic product data, which is expected to confirm the economy fell into its deepest slump since the Great Depression.
Australian S&P/ASX 200 futures were up 0.39% in early trading.

Tuesday’s strong Wall Street finish has also set a positive tone. Both the Nasdaq and S&P 500 hit records to start September on a high note on Tuesday.

Those gains came after U.S. manufacturing indicators showed expansion, with the reading from the Institute for Supply Management hitting its highest level in nearly two years.

Euro zone manufacturing activity also grew last month to stay on a path toward recovery, though factory managers remained wary about investing and hiring more workers.

The U.S. Federal Reserve dabbed in more support for the economy as Governor Lael Brainard said the central bank would need to provide more stimulus to fulfill its promise of stronger job growth and higher inflation.

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