Mizuho Bank: Wall Street ‘Shrugs off’ COVID-19 Delta Variant

Market analysts from Mizuho Bank said in a report that Wall Street has treated concerns about the coronavirus or COVID-19 Delta variant as unimportant. They remarked that stock market futures suggest that the upbeat mood would spill over into Asia’s equity trading session.

We feel encouraged by this news involving Wall Street reporting record-highs and developments in the Asian stock market showing a similarly optimistic mood. We think that the world’s stock exchanges are responding positively despite the lingering COVID-19 pandemic and its variants pummeling the world.

Based on the news posted online by business and financial news website Yahoo! Finance, Mizuho Bank’s market analysts responded to Wall Street’s benchmark S&P 500 index ending up 0.4 percent for the week last Friday, July 9. 

The stock market index, also known as Standard & Poor’s 500 Index, rose 1.1 percent to a record 4,369.55 as last week concluded. It rebounded from the previous day’s loss.

Furthermore, approximately 90 percent of the S&P 500 stocks closed higher. Industrial, technology, and banking firms’ stocks powered much of the rally.

Meanwhile, the Dow Jones Industrial Average gained 1.3 percent to a record 34,870.1. As for the Nasdaq composite, it added 1 percent to 14,701.92.

Mizuho Bank’s market analysts’ prediction of Wall Street’s positive mood spilling over to Asian stock markets appeared realized during today’s early trading session.

Monday trading saw market benchmarks in Hong Kong, Shanghai, Tokyo, and Sydney advance. Hong Kong’s Hang Seng gained 0.5 percent to 27,482.85.

The Shanghai Composite Index increased 1 percent to 3,558.13, following the People’s Bank of China’s reduction of the level of reserves commercial banks must hold, freeing up funds for lending. Meanwhile, Tokyo’s Nikkei 225 surged 2.3 percent to 28,580.78.

Sydney’s S&P-ASX 200 increased 0.7 percent to 7,326.30. The Kospi in Seoul, as well as the New Zealand and Southeast Asian markets, also advanced.

We feel motivated by the latest happenings in Wall Street. We are aware that the COVID-19 Delta variant is highly contagious.

Nevertheless, we think that the show must go on in Wall Street and the rest of the world’s stock exchanges. It cannot be that trading in the stock market will have to halt because of new COVID-19 variants adversely affecting the world’s people.

We believe that economic recovery will be within reach as vaccinations are underway worldwide. Moreover, we think that the world’s markets will continue to push forward despite the jitters about the coronavirus Delta variant’s spread and the various COVID-19 variants materializing. After all, governments, including central banks, would certainly intervene to keep stock market trading ongoing.

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