BEIJING (AP) — Asian stock markets were mixed Wednesday after Wall Street rebounded and Japanese exports surged as investors tried to figure out how rising coronavirus infections will affect the global economy.
Shanghai, Tokyo and Sydney advanced. Hong Kong and Seoul declined.
Overnight, Wall Street’s benchmark S&P 500 index gained 1.5%, recovering much of the previous day’s loss.
Japan’s government reported June exports jumped 48.5% over a year earlier, beating forecasts. The increase was inflated by a plunge in trade in 2020, but still reflects strong demand overseas, especially in the U.S. and China.
“Defensive flows eased. However, gains are likely to be capped by lingering concerns over COVID-19′s Delta variant,” said Anderson Alves of ActivTrades in a report. “A new wave of infections could delay the reopening of global economies.”
Also Wednesday, South Korea reported a daily high of 1,784 new coronavirus cases, adding to a global…