Asian Stocks Up, Boosted By Release of Positive Data From China and U.S. By

© Reuters.

By Gina Lee – Asian stocks were up on Friday morning. Markets got an end-of-week boost after China and the U.S. released positive data, improving investor sentiment on the global economic recovery from COVID-19.

Earlier in the day, China reported a of 58.4 for June, which was higher than the previous month’s figure of 55 and the highest reading in two months.

China’s e gained 1.02% by 10:56 PM ET (3:56 AM GMT) while the was down 0.17%, reversing its earlier gains.

Hong Kong’s rose by 0.48%.

Japan’s was up 0.11% and South Korea’s gained 0.48%.

Down Under, the rose 0.07%. Australia reported a 16.9% rise in retail sales month-on-month in May.

Meanwhile, the U.S. also released positive data on Thursday, with surging to 4.8 million in June, compared to the predicted 3 million in analyst forecasts prepared by and May’s figure of 2.699 million.

Although U.S. markets surged during the previous session and investors welcomed the positive figures, fears remain as the number of global COVID-19 cases continues to increase.

There were more than 10.8 million cases globally as of July 3, according to Johns Hopkins University data.

“There’s still a general positive sentiment about how quickly we’re seeing the recovery,” Chris Gaffney, president of world markets at TIAA Bank, told Bloomberg.

“But we do think you’re going to see the recovery level off, especially if we continue to see higher case numbers on the virus.”

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