Stocks gain

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    SINGAPORE/NEW YORK- Asia’s stock markets
    rose on Tuesday as another batch of strong
    US economic data bolstered the global outlook,
    while currency and bond markets paused for
    breath after a month of rapid gains in the dollar
    and in US Treasury yields.
    MSCI’s broadest index of Asia-Pacific shares
    outside Japan advanced 0.4 percent to a two-week
    high, while Tokyo’s Nikkei loitered just short of a
    two-week peak. The Dow and S&P 500 had closed
    at record peaks on Monday.
    Overnight, on the heels of a bumper jobs report
    on Good Friday, March data showed a gauge
    of US services activity hit a record high while at
    the same time markets are cheering a huge $2
    trillion government spending program.
    “On aggregate, it’s good for the global economy
    and therefore that’s a justification to move into
    more cyclical-sensitive FX pairs and to buy stocks
    in general,” said Kyle Rodda, market analyst at
    brokerage IG in Melbourne.
    “Yields haven’t budged much and so tech stocks
    have outperformed,” he said. In Asia, chipmakers
    pushed Taiwan’s benchmark index up 1 percent
    to a record peak and broad gains lifted Australia’s
    ASX 200 to a seven-week high.
    The Shanghai Composite was steady, while
    Hong Kong’s stock market remains closed for
    holidays.
    European markets, which have been shut since
    Thursday’s close, were also poised for gains with
    DAX futures up 1.2 percent, EuroSTOXX 50
    futures 1 percent higher and FTSE futures up 0.8
    percent. S&P 500 futures were steady.
    The yield on benchmark 10-year US Treasuries
    was steady in New York, and in Asia on Tuesday
    it fell two basis points to 1.6860 percent. The
    US dollar held at $1.1810 per euro after posting
    its steepest drop in several weeks overnight.

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