Wed, 31 May 2023

SYDNEY, NSW, Australia - Stocks in Asia generally moved higher on Monday despite continuing concerns over a potential global recession. European stocks closed mixed.

U.S. markets were closed Monday for the Independence Day holiday.

"The current bear market has been entirely valuation-driven rather than the result of reduced earnings estimates," David J. Kostin, an analyst at Goldman Sachs told Reuters Monday.

"However, we expect consensus profit margin forecasts to fall which will lead to downward EPS revisions whether or not the economy falls into recession."

In Japan, the Nikkei 225 gained 218.19 points or 0.84 percent to 26,153.81.

China's Shanghai Composite added 17.79 points or 0.53 percent to 3,405.43.

The Australian All Ordinaries jumped 76.50 points or 1.14 percent to 6,796.90.

In New Zealand, the S&P/NZX 50 rose 109.18 points or 1.032 percent to 10,862.34.

South Korea's Kospi Composite, going against the trend, dipped 5.08 points or 0.22 percent to close Monday at 2,300.34.

The Hang Seng in Hong Kong was clipped 29.44 points or 0.13 percent to close at 21,830.35.

Later in Europe, the CAC 40 in Paris, France closed up 0.40 percent. The German Dax slipped 0.31 percent. In London, the FTSE 100 advanced 0.89 percent.

The U.S. dollar was steady. The Canadian dollar edged higher to 1.2859, by the close in London Monday. The British pound was softer at 1.2102. The Japanese yen inched steadied at 135.70. The British pound slipped to 1.21er02

The euro was weak at 1.0421. The Australian dollar was friendless at 0.6865. The New Zealand dollar was unwanted at 0.6210.

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