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© Reuters. FILE PHOTO: People are seen on a pedestrian bridge with an electronic plaque showing the Shanghai and Shenzhen stock indices in ShanghaiBy 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. .
It rose 4.3% to $ 28.37 a barrel, for the sixth consecutive day, and rose $ 1.38 to $ 21.77 a barrel, as countries began to relax coronavirus restrictions and cuts in the supply of crude oil took effect.
“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 rose 1.26% and Hong Kong rose 0.66%.
US stock futures. USA They were up 0.75%.
The rally followed late US gains. USA With the S&P 500 ending at 0.42%, powered by tech names that include Microsoft (NASDAQ :), Apple (NASDAQ :), and Amazon (NASDAQ :).
Its strength outweighed declines in airline stocks by 5% to 8% after legendary investor Warren Buffett said his Berkshire Hathaway (NYSE 🙂 had sold its operator stakes.
MSCI’s broader Asia-Pacific Index of stocks (NYSE 🙂 outside 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 (OTC 🙂 said the structure of oil price increases, with higher gains on contracts with closer dates, suggested expectations of further production cuts and a restoration of fuel demand to 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.
0.12% fell, as commodity currencies increased, with the Australian dollar rising 0.4% against the dollar.
it lost 0.2% to $ 1,699 an ounce.
(This story corrects the rise in the price of US crude in the second paragraph to $ 1.38 not 1.38%)
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