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Asian Stocks Advance After U.S. Rally; Oil Gains: Markets Wrap
(Bloomberg) -- Asian stocks rose Tuesday, spurred by a surge on Wall Street, on optimism economies may recover faster following early results for an experimental vaccine. Treasury yields dipped from five-week highs.Equities advanced more than 1% across the region, with Tokyo, Sydney and Hong Kong outperforming, though the magnitude was less than in the U.S. Contracts on the S&P 500 fluctuated after a report that Nasdaq would tighten IPO rules, affecting some Chinese companies. Monday, the U.S. benchmark jumped the most in almost six weeks after Moderna Inc. said its vaccine tests yielded signs it can create an immune-system response in the body. Oil rose for a fourth day and stayed above $30 a barrel, though it trimmed an earlier gain.The risk-on rally comes as more economies around the world and within the U.S. ease restrictions that created one of the steepest downturns since the Depression. Federal Reserve Chairman Jerome Powell is scheduled to speak on the state of the recovery Tuesday, amid expectations he’ll press for further fiscal support.“Short-lived bounces in stock prices even while markets establish new lows are not unheard of,” Ashwin Alankar, head of global asset allocation at Janus Henderson, said in a note. “Forward-looking metrics such as earnings revisions and options prices, on the other hand, sound a more cautious tone both for the economy and stock prices.”Among the headwinds for stocks is a deteriorating U.S.-China relationship. In a further sign of tightening scrutiny on capital flows to China, Reuters reported that Nasdaq is set to unveil new rules on initial public offerings that will make it more difficult for some Chinese companies to list on the exchange. That follows moves in Washington to halt investments by a retirement plan into the stocks of Chinese firms.These are some of the main moves in markets:StocksS&P 500 futures were little changed as of 1:24 p.m. in Tokyo. The S&P 500 Index surged 3.2%.Topix index gained 1.8%.Australia’s S&P/ASX 200 Index rose 2.1%.South Korea’s Kospi index climbed 2.1%.Hong Kong’s Hang Seng Index advanced 1.8%.Shanghai Composite Index added 0.5%.Euro Stoxx 50 futures rose 0.2%.CurrenciesThe Japanese yen was at 107.40 per dollar, little changed.The offshore yuan traded at 7.1217 per dollar.The Bloomberg Dollar Spot Index ticked higher after sinking 0.7%.The euro was at $1.0913.The British pound was steady at $1.2203.BondsThe yield on 10-year Treasuries fell two basis points to 0.70% after jumping eight basis points in the previous session.Australia’s 10-year bond yield climbed five basis points to 0.97%.CommoditiesWest Texas Intermediate crude climbed 0.4% to $31.93 a barrel.Gold rose 0.3% to $1,738.42 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-advance-u-rally-213949635.html?.tsrc=rss
(Bloomberg) -- Asian stocks rose Tuesday, spurred by a surge on Wall Street, on optimism economies may recover faster following early results for an experimental vaccine. Treasury yields dipped from five-week highs.Equities advanced more than 1% across the region, with Tokyo, Sydney and Hong Kong outperforming, though the magnitude was less than in the U.S. Contracts on the S&P 500 fluctuated after a report that Nasdaq would tighten IPO rules, affecting some Chinese companies. Monday, the U.S. benchmark jumped the most in almost six weeks after Moderna Inc. said its vaccine tests yielded signs it can create an immune-system response in the body. Oil rose for a fourth day and stayed above $30 a barrel, though it trimmed an earlier gain.The risk-on rally comes as more economies around the world and within the U.S. ease restrictions that created one of the steepest downturns since the Depression. Federal Reserve Chairman Jerome Powell is scheduled to speak on the state of the recovery Tuesday, amid expectations he’ll press for further fiscal support.“Short-lived bounces in stock prices even while markets establish new lows are not unheard of,” Ashwin Alankar, head of global asset allocation at Janus Henderson, said in a note. “Forward-looking metrics such as earnings revisions and options prices, on the other hand, sound a more cautious tone both for the economy and stock prices.”Among the headwinds for stocks is a deteriorating U.S.-China relationship. In a further sign of tightening scrutiny on capital flows to China, Reuters reported that Nasdaq is set to unveil new rules on initial public offerings that will make it more difficult for some Chinese companies to list on the exchange. That follows moves in Washington to halt investments by a retirement plan into the stocks of Chinese firms.These are some of the main moves in markets:StocksS&P 500 futures were little changed as of 1:24 p.m. in Tokyo. The S&P 500 Index surged 3.2%.Topix index gained 1.8%.Australia’s S&P/ASX 200 Index rose 2.1%.South Korea’s Kospi index climbed 2.1%.Hong Kong’s Hang Seng Index advanced 1.8%.Shanghai Composite Index added 0.5%.Euro Stoxx 50 futures rose 0.2%.CurrenciesThe Japanese yen was at 107.40 per dollar, little changed.The offshore yuan traded at 7.1217 per dollar.The Bloomberg Dollar Spot Index ticked higher after sinking 0.7%.The euro was at $1.0913.The British pound was steady at $1.2203.BondsThe yield on 10-year Treasuries fell two basis points to 0.70% after jumping eight basis points in the previous session.Australia’s 10-year bond yield climbed five basis points to 0.97%.CommoditiesWest Texas Intermediate crude climbed 0.4% to $31.93 a barrel.Gold rose 0.3% to $1,738.42 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-advance-u-rally-213949635.html?.tsrc=rss
