MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8 percent to 2-1/2-year highs, buoyed by a 2% gain in Chinese blue chips and a 1.5 percent rise by Hong Kong’s Hang Seng index. Japan’s Nikkei slipped 0.3 percent as investors fretted about corporate earnings. “If capital is moving on relative growth rates, then China is looking quite attractive,” said Chris Weston, head of research brokerage Pepperstone in Melbourne. “From a virus perspective as well, we’re seeing concerns in Europe, while China is considered a quasi-safe haven.”
China has returned from an eight day Mid-Autumn festival with investors encouraged by a steady rebound in tourism and few coronavirus cases.
Qingdao city said on Monday it will conduct COVID-19 tests for the entire population of more than 9 million people over five days after small number of new cases.
Elsewhere, in the US midwest, infections are at record levels and the World Health Organization is urging fresh curbs for Europe.
Coronavirus aid plans in the United States are also in disarray, with the Trump administration on Sunday calling on Congress to pass a stripped-down relief bill while talks on a more comprehensive proposal were again at an impasse.
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10.23am update: Shares in National Express drop naming its new chief executive
Jose Ignacio Garat will be the new chief executive as Chris Davies, the current CEO, will step down at the start of nest month.
Sir John Arnitt, National Express’s chair, said: “Ignacio has the extensive international operational and strategic experience to lead National Express Group through the challenges presented by the pandemic, as well as the significant future opportunities that exist.”
Shares have fallen to 168.0 at 10am this morning after being 174.9 at the previous close.
9am update: State Pension warning as Britons’ understanding is ‘far from perfect’ – act now
State Pension payments can help people once they leave the workforce, and the sum also assists in reaching retirement goals.
The money can be received from the Department for Work and Pensions (DWP) once a person reaches an eligible age.
And recent changes mean the state pension age now currently stands at 66.
However, a recent assessment has shown the awareness of the state pension age among Britons is “far from perfect”.
This could prove problematic as a lack of understanding could mean people do not grasp their entitlement as well as they should.
An understanding of pension income can also help people to make appropriate planning decisions over the course of their lives.
Research published by the Institute for Fiscal Studies (IFS) has uncovered a lack of awareness surrounding state pension age.
8.05am update: FTSE drops on open
The FTSE has dropped 20 points in just 5 minutes of trading this morning.
The UK index has fallen 0.34%, after falling to 5,996 points after closing at 6,016 yesterday.