Asian stocks are trading in a narrow range

(RTTNews) – Asian stocks were little changed in cautious trading on Wednesday amid renewed concerns over the economic impact of the Omicron Covid-19 variant.

Information technology stocks followed the Nasdaq Composite higher, helping to contain the decline, if any.

The Biden administration on Tuesday unveiled the enhanced measures to counter an Omicron surge in the United States.

Elsewhere, UK Prime Minister Boris Johnson ruled out stricter restrictive measures ahead of the holiday season, but urged caution. The underlying sentiment remained somewhat supported after US President Biden said it was still possible to come to an agreement with Senator Joe Manchin to push the $ 2 trillion Build Back Better bill. in Congress.

Chinese stocks were little changed with a negative bias, after opening higher earlier in the day.

Hong Kong’s Hang Seng Index rose nearly half a percent as tech stocks gained ground, following a rally in US-listed Chinese tech stocks in New York nighttime trading.

Japanese stocks were held flat, with the Nikkei averaging up 0.1%, after minutes from the Bank of Japan’s October 27-28 meeting showed board members were agreed to take additional easing measures if necessary to support economic recovery.

Australian markets were down slightly, as shares of Rio Tinto fell 2.5% after signaling its intention to become a major player in the global lithium market.

Lithium miner Pilbara Minerals jumped 7.5% and Liontown Resources jumped 3.5%. The tech heavyweight Afterpay jumped 5.4%, after hitting a 52-week low on Tuesday.

South Korea’s Kospi average rose 0.2% while New Zealand’s NZX-50 index was down 0.1%.

U.S. stocks posted robust gains overnight, as Micron Technology, Nike and Rite Aid released better-than-expected quarterly results and Moderna announced that a booster dose of its Covid-19 vaccine increased levels of antibody against Omicron.

The Dow Jones climbed 1.6%, the highly technical Nasdaq Composite jumped 2.4% and the S&P 500 jumped 1.8%.

European stocks rebounded from their worst decline in three weeks amid optimism about continued robust growth over the medium term.

The pan-European Stoxx 600, German DAX, UK FTSE 100 and French CAC 40 all jumped 1.4%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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