Asian markets set for modest upswing after gains on Wall Street
By Jessica DiNapoli NEW YORK (Reuters) - Investors in Asian markets were poised for gains on Wednesday after Wall Street indexes rose on the back of U.S. Treasury Secretary nominee Janet Yellen's push for a sizable fiscal relief package in response to the COVID-19 pandemic. 'We've sort of seen a positivity evident last night in Wall Street already in Asian trade on Tuesday,' said Kyle Rodda, a markets analyst at IG Markets, who noted Asian markets are following U.S
By Jessica DiNapoli
NEW YORK (Reuters) - Investors in Asian markets were poised for gains on Wednesday after Wall Street indexes rose on the back of U.S. Treasury Secretary nominee Janet Yellen's push for a sizable fiscal relief package in response to the COVID-19 pandemic.
"We've sort of seen a positivity evident last night in Wall Street already in Asian trade on Tuesday," said Kyle Rodda, a markets analyst at IG Markets, who noted Asian markets are following U.S. stimulus developments more than anything else.
"The gains are modest," he added.
Australia's ASX 200 rose more than 0.5% in early trade Wednesday.
MSCI's gauge of stocks across the globe gained 0.03%.
Japan's Nikkei 225 futures added 0.07%, but Hong Kong's Hang Seng index futures lost 0.29%.
At Yellen's confirmation hearing on Tuesday, she said the benefits of a big stimulus package are greater than the expenses of a higher debt burden.
President-elect Joe Biden, who will be sworn into office on Wednesday, last week laid out a $1.9 trillion stimulus package proposal to boost the economy and speed up the distribution of vaccines.
On Wall Street, the Dow Jones Industrial Average rose 0.38%, while the S&P 500 gained 0.81%. The tech-heavy Nasdaq Composite added 1.53%.
The dollar dropped for a second straight session on Tuesday with investors turning their focus to riskier assets.
U.S. treasuries fell after Yellen said during her hearing that 2017 tax cuts for corporations should be rolled back.
Oil prices rose on Tuesday on hopes that Biden's proposed stimulus will lift economic output, while gold also firmed.
(Reporting by Jessica DiNapoli; editing by Richard Pullin)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
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