By Reuters, Asian shares set to rise in anticipation of recovery

By Alvin Scott

NEW YORK (Reuters) – Asian stocks rose on Wednesday, boosted by a bullish move by the US, which followed more-than-expected manufacturing indicators as the dollar rallied from a recent low against the euro.

Investors in Asia are waiting for Australia’s GDP data, which is expected to confirm that the economy is at its slowest pace since the Great Depression.

However, Tom Piotroski, a market analyst at Australian Australian broker Comcom Massek, said current figures suggest that market participants will now look back on the alarmingly historic numbers as global recovery is picking up speed.

“The big picture is coming together well,” he said.

He noted that the risk to Australian Australian GDP is higher than expected, which will help the sentiment. Australian dollar equities, which have been performing poorly due to strong domestic currencies, may also be helped by the recent rise in the dollar.

Australian S&P / ASX 200 futures gained 0.39% in early trade.

The strong Wall Street finish on Tuesday also set a positive tone. On Tuesday’s note high note is the record for both the Nasdaq and the S&P 500 starting in September.

For a graphic on the 2020 Global Property Showcase:

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The gain comes after U.S. manufacturing indicators showed expansion, with the Institute for Supply Management reading reaching its highest level in nearly two years.

Eurozone manufacturing activity also rose last month to move on the path to recovery, although factory managers have been wary of investing and hiring more workers.

“There’s been a lot of positive momentum in the market at the moment,” said Greg Boutley, head of U.S. equity and derivatives strategy at BNP Paribas (OTC 🙂 in New York. “If you get exactly-to-good data and anything from the political landscape that seems to be moving more constructively towards reconciliation for markets.”

U.S. The Federal Reserve gave more support to the economy as Governor Lyle Bernard said the central bank would need more stimulus to meet its promise of stronger job growth and inflation.

U.S. Treasury Secretary Steven Munuchin told a congressional panel that he was prepared to provide more money for state and local governments, a key issue in the fight against further stimulus.

White House Chief of Staff Mark Meadows said Tuesday that Senate Republicans are likely to take their Covid-19 relief bill next week to an additional 500 500 billion in federal aid.

Technol shares also surpassed G shares in American stocks as the company requested suppliers to make at least 75 million 5G iPhones after Apple Paul (Nasdaq 🙂 reported, later this year.

Rose added 0.76%, the S&P 500 added 0.75%, and 1.39%.

For a graphic on Dollar’s Dive in 2020:

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Expected U.S. Better-than-expected data also helped push up oil prices on Tuesday, suggesting higher demand for fuel if the economy recovers.

The futures were up 30 cents at 45.58 a barrel. US West Texas Intermediate futures settled 15 cents higher at 42 42.76 a barrel.

The euro strengthened about 0.1% against the basket of major currencies as it abandoned some of its recent gains. The common currency was previously trading above 20 1.20 for the first time since May 2018.