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By Alun John and David Henry
HONG KONG / NEW YORK (Reuters) – Asian stocks rose on Tuesday, following a rebound in Wall Street as governments cut coronavirus blockades as oil extended gains on expectations that demand for fuel would start to rebound. .
Brent crude oil rose 4.3% to $ 28.37 per barrel, for the sixth consecutive day, and US crude oil rose 1.38% to $ 21.77 per barrel, as countries began to relax coronavirus restrictions and cuts in crude oil supply. Came into force.
“The market continues to appreciate the idea that things are improving,” said Gene McGillian, vice president of market research for Tradition Energy in Stamford, Connecticut.
In reduced trade, with China, Japan, and South Korea on vacation, Australia’s ASX 200 was up 1.26% and Hong Kong’s Hang Seng was up 0.66%.
US stock futures. USA They were up 0.75%.
The recovery followed late US gains. USA With the S&P 500 it finished with 0.42%, driven by technology names like Microsoft, Apple and Amazon.
Its strength outweighed declines in airline stocks by 5% to 8% after legendary investor Warren Buffett said his Berkshire Hathaway had sold its operator stakes.
MSCI’s broader Asia-Pacific index of stocks outside of Japan rose 0.56%.
The improvement came in more optimistic statements from the California and New York governors to reopen business. New York’s Andrew Cuomo on Monday described a gradual reopening in the US state hardest hit by the COVID-19 pandemic.
Analysts at the Commonwealth Bank of Australia said the structure of oil price increases, with higher gains on contracts with closer dates, suggested expectations of more production cuts and a restoration of fuel demand later this year. .
However, they added that this meant that prices are highly unlikely to recover from the large declines since the beginning of the year.
Optimism about an economic recovery from the coronavirus outbreak surpassed, at least briefly, the latest war of words between China and the United States, which had cut shares in Asia and Europe on Monday.
A Chinese internal report warns that Beijing faces a growing wave of global hostility in the wake of the outbreak that could lead relations with the United States to a confrontation, people familiar with the newspaper told Reuters.
The dollar index fell 0.12%, as commodity currencies rose, with the Australian dollar rising 0.4% against the dollar.
Spot gold lost 0.2% to $ 1,699 an ounce.
(Reporting by Alun John in Hong Kong and David Henry in New York. Additional reporting by Lewis Krauskopf, Karen Brettell and Laila Kearney; Sam Holmes Edition)
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