Asia shares gain despite worsening pandemic, inflation fears

Asian shares have advanced as investors snapped up bargains after recent sell-offs spurred by a worsening of the pandemic in some countries

TOKYO -- Asian shares advanced Tuesday as investors snapped up bargains after recent sell-offs spurred by a worsening of the pandemic in some countries. Japan's benchmark Nikkei 225 surged 2.1% to finish at 28,406.84. South Korea's Kospi gained 1.2% to 3,172.73. Australia's S&P/ASX 200 added 0.6% to 77,066.00. Hong Kong's Hang Seng jumped 1.3% to 28,564.36, while the Shanghai Composite edged up 0.2% to 3,524.13. Regional markets shrugged off data showing Japan’s economy contracted at 5.1% annual pace in the last quarter as numbers of new coronavirus cases surged. Analysts expected the results and don’t expect improvements in the situation anytime soon. Although Asia so far has fared better in curbing COVID-19 infections, compared to the U.S., South and Central America and parts of Europe, worries are growing about the latest surges in cases in India, Japan, Thailand and other countries.