Asian stocks struggled for headway on Wednesday as the second half of the year got underway, with improving economic data offset by worries that surging coronavirus cases in the United States could derail the world’s recovery before it properly begins.

Following firm U.S. housing data and signs of a rebound in Europe’s economy, the latest boost to sentiment came from Chinese factory activity gathering steam in June, with the Caixin/Markit manufacturing PMI rising to 51.2 compared with expectations for 50.5.

But virus cases surged, too, with the U.S. recording 47,000 infections on Tuesday, its biggest single-day spike since the pandemic began.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%, led by gains in Korea and China.

Source : Reuters