Asian stocks set to rise as tech, stimulus hopes fuel global rally
By Suzanne Barlyn NEW YORK (Reuters) - Asian stocks were set to rise on Tuesday as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.
By Suzanne Barlyn
NEW YORK (Reuters) - Asian stocks were set to rise on Tuesday as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.
Shares in Apple Inc
CommSec Senior Economist Ryan Felsman said a COVID-19 resurgence in Europe and the United States is partly fueling the tech rally.
"Once again, there is a desire to hold the stay-at-home types of technology stocks...which will still generate profits and will be greatly oriented to a more challenging economic environment," Felsman said.
On Wall Street, the Nasdaq Composite <.IXIC> on Monday staged its biggest one-day rally in a month, jumping 2.56%. The Dow Jones Industrial Average <.DJI> rose 0.88% and the S&P 500 <.SPX> gained 1.64%.
The U.S. dollar was pinned near a three-week low and gold, another safe-haven asset, stayed below a three-week high, slapped by investor demand for risk. The U.S. bond market is closed on Monday for Columbus Day.
MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> closed 0.11% higher.
Australian S&P/ASX 200 futures
E-mini futures for the S&P 500
The dollar index <=USD> fell 0.078%, with the euro
The pan-European STOXX 600 index <.STOXX> rose 0.72% and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.01%.
Bets that more U.S. stimulus was in the offing came despite signs that talks in Washington had stalled again, leading the Trump administration to call on Congress to pass a less ambitious coronavirus relief bill.
U.S. Senate Republicans said they will go along with what President Donald Trump wants in coronavirus relief legislation, a White House spokeswoman said on Monday.
Focus in Asia swings to China, which is expected to report an increase in exports on Tuesday.
Beijing's tensions with Washington are also in view after the White House moved forward with three sales of advanced weaponry to Taiwan, sources familiar with the situation said on Monday.
The move in the run-up to the Nov. 3 U.S. election is likely to anger China, which considers Taiwan a renegade province.
Investors are also closely watching the global resurgence in coronavirus cases after British Prime Minister Boris Johnson on Monday announced a new system of restrictions on parts of England. Lawmakers will vote on the move on Tuesday.
In energy markets, oil prices slipped after a force majeure at Libya's largest oilfield lifted, a Norwegian strike affecting production ended and U.S. producers began restoring output after Hurricane Delta.
U.S. banks JPMorgan
(Reporting by Suzanne Barlyn; Editing by Sam Holmes)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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