Thursday, March 30, 2023

Asian stocks gain after Wall Street shares hit record high

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Stocks in Asia-Pacific rose a day after Donald Trump’s decision to late-sign a $ 900 billion stimulus bill helped propel Wall Street stocks to record highs.

In early Tuesday, the Japanese benchmark Topix added 1%, while Hong Kong’s Hang Seng and Australia’s S & P / ASX 200 gained 0.7% and 0.5% respectively.

Overnight, Wall Street S&P 500 Index Ceased 0.9 percent more to surpass a record set in December when investors were backed by the US president agreeing to release hundreds of billions of dollars in pandemic spending. Mr. Trump had previously refused to sign the deal, which he called “a shame.” The technology-focused Nasdaq Composite also closed 0.7% higher.

S&P 500 futures were 0.3% higher Tuesday during trading hours in Asia.

In Hong Kong, shares of Chinese technology groups rebounded on fears of regulatory crackdown on the industry. Alibaba, the e-commerce group, jumped nearly 6% after 8 percent drop a day earlier following a rare public reprimand by Chinese authorities against Ant Group, Alibaba’s payments-focused sister company, for alleged regulatory breaches.

Internet and gaming company Tencent also rose 2.8%.

Elsewhere in Asia, mainland China’s CSI 300 on shares listed in Shanghai and Shenzhen slipped 0.2% despite reports that the EU and China were ready to sign a long-awaited trade investment agreement.

In commodities, oil continued to climb in hopes that increased stimulus spending would stimulate economic recovery in the United States. Brent crude, the international benchmark, added 0.5 percent to $ 51.11 a barrel. West Texas Intermediate, the US marker, also rose 0.5% to $ 47.86 a barrel.

The dollar, measured against a basket of US competitors, slipped 0.2% in anticipation of another fiscal stimulus. Gold, a safe haven asset that often rises as the greenback falls, rose 0.3% to $ 1,879.66 per troy ounce.


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