Asian stocks rose on Tuesday, led by a stronger Chinese opening and the initial weakening of tech-savvy Wall Street losses, while the dollar remained at a low week of more than other major currencies.
MSCI’s broadest index of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) rose 0.2% and swung in positive territory after Chinese blue chips (.CSI300) rose 0.13%. South Korea (.KS11) scored 0.4%.
Elsewhere, the Japanese Nikkei (.N225) has fallen 1.84% as the country continues to struggle with a surge in COVID cases. Australia (.AXJO) slipped 0.33%.
Hong Kong (.HSI) fell 0.11%, while Chinese food giant Meituan (3690HK)’s shares rose 1.59% after the company said it had raised $ 9.98 billion in huge sales has.
Earlier, major Wall Street indices withdrew from the record high weekly list, with a major pull from Tesla Inc (TSLA.O).
The electric car maker slipped 3.4% after a Tesla vehicle allegedly worked without anyone crashing into a tree in the driver’s seat north of Houston on Saturday, killing two occupants. read more
“This morning in Asia, it looks like a continuation of what we saw last night, where tech stocks were hit in the US,” said Mick McCarthy, chief market strategist at CMC Markets.
McCarthy said the declines in Japan are striking, given the strength of the yen caused by the falling dollar, which would normally support Japanese equities, adding that he thinks it would change in some way later.
The technically heavy Nasdaq (.IXIC) was the largest car, down 0.98%, while the Dow Jones Industrial Average (.DJI) fell 0.36%, and the S&P 500 (.SPX) 0.53%.
However, the e-mini futures contract for the S&P 500 rose 0.13%, indicating that markets may bounce back later in the day.
In foreign exchange markets, the dollar continued its recent weakness, falling further from six-week lows it hit on Monday.
“We believe the USD may remain heavy this week as the focus shifts from US economic performance to the better global economic outlook,” CBA analysts wrote in a research note.
In Asian trade, the dollar fell 0.08% against the yen, while the Australian dollar rose 0.14% and the Euro 0.07% respectively.
The yield on the 10-year treasury notes rose to 1.6029% compared to the US close of 1.599%.
The oil price continued to rise. U.S. crude rose 0.19% to $ 63.50 a barrel, and Brent crude rose to $ 67.2 a barrel.
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