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NEW YORK (Reuters) – Asian stocks were up on Tuesday after a strong Wall Street session as some US states and countries. USA Closing restrictions improved, despite another decline in oil prices.
A pedestrian wearing a face mask walks near an overpass with an electronic placard displaying stock information, following an outbreak of coronavirus disease (COVID-19), in the Lujiazui financial district in Shanghai, China, Dec. 17. March 2020. REUTERS / Aly Song / Files
While some investors believe the worst may happen soon for the global economy, the Commonwealth Bank of Australia said there were still many reasons to be cautious.
“We are less optimistic and expect a slower recovery in the world economy,” said the bank.
“The risk of reintroducing restrictions is a risk to the optimistic prospects of market participants of a rapid resumption of normal economic activity.”
Nikkei 225 futures are up 3.05% since the cash contract closed on Monday. The Nikkei 225 Index closed down 0.86% to 19,262 in the previous session.
Australian S & P / ASX 200 futures were up 0.09% and Hong Kong Hang Seng futures were up 0.54%.
The top three US stock averages. USA They advanced and are now within 20% of their record closing highs reached in February. The S&P 500 benchmark is on track to hit its best month since 1987, after trillions of stimulus dollars helped US stocks regain much of the ground lost since the coronavirus crisis halted the economy.
But some analysts believe the gains may be limited unless there is progress in finding treatments for the disease.
The US dollar fell as risk-prone merchants applauded the blockage news even as health experts warned that there was insufficient evidence of coronavirus in the United States.
From Italy to New Zealand, governments announced the easing of the restrictions, while Britain said it was too early to relax there. New York State won’t reopen for weeks, at the earliest.
On Wall Street, the Dow Jones Industrial Average was up 1.51%, the S&P 500 gained 1.47%, and the Nasdaq Composite added 1.11%.
The pan-European STOXX 600 index rose 1.77% and the MSCI Stock Indicator worldwide gained 1.76%.
Oil prices weakened sharply due to continued concerns about oversupply and lack of storage space. The first month’s contract was trading at lower volumes than usual on Monday as traders moved to later months on futures contracts.
US crude oil fell 23.55% to $ 12.95 a barrel and Brent was at $ 20.07, a 6.39% decline on the day.
The US dollar fell as broader optimistic sentiment encouraged investors to move to other currencies.
The dollar index fell 0.17%, with the euro rising 0.05% to $ 1.0825.
The Japanese yen strengthened 0.26% against the dollar at 107.30 per dollar, while the pound sterling last traded at $ 1.2421, up 0.44% on the day.
Countering the trend, the Brazilian real was on track to close at a record low against the dollar.
Chibuike Oguh’s Reports; Editing by Sam Holmes
