Asia-Pacific Stocks Trade Higher Despite Concerns about Coronavirus Surge
Story Code : 874128
Japan's Nikkei 225 was 1.34 percent higher, driven by Softbank Group and robot maker Fanuc shares, which gained more than 2 percent each. The Topix index traded 1.44 percent higher.
South Korea's Kospi also rose slightly, gaining 0.6 percent.
In Australia, the S&P/ASX 200 advanced 1.44 percent in early trade.
Overall in the region, the MSCI Asia ex-Japan index was 0.24 percent higher on Monday morning.
Meanwhile, Wall Street has seen consecutive gains in July, with both the Dow Jones Industrial Average and the S&P 500 climbing 1 percent and 2.7 percent, respectively. The tech-heavy Nasdaq Composite saw new record gains, rising 10.7 percent in July.
The United States has registered a spike in the daily number of new coronavirus cases. On Sunday, the US state of Florida set a record for the largest daily rise in new COVID-19 cases after 15,299 positive tests for the disease were registered in a single day, the Florida Department of Health said. Assistant Secretary for Health Adm Brett Giroir said that officials are expecting to observe a surge in deaths in the US over the next two to three weeks due to the sustained rise in new cases.