Most Asian stocks rose Tuesday and the yuan climbed as traders weighed the outcome of the first face-to-face virtual summit between U.S. President Joe Biden and Chinese leader Xi Jinping. Treasury yields dipped.
MSCI Inc.’s Asia-Pacific share gauge advanced for a fourth session, while U.S. and European equity futures fluctuated after the S&P 500 and Nasdaq 100 ended flat. The Asian equity gains were led by Hong Kong, which was buoyed by a rally in Macau casino operators, while Japanese shares edged up.
Biden and Xi spoke of the need for cooperation, with both sides aiming to stabilize U.S.-China ties while downplaying expectations for big breakthroughs. The yuan approached its strongest level since 2018 on hopes of easing tensions.
The dollar fell and the 10-year U.S. Treasury yield was around 1.60%. Bonds retreated in the U.S. on speculation the Federal Reserve may have to speed up policy tightening to fight price pressures. Stronger-than-expected New York manufacturing data added to the case for an earlier interest-rate liftoff.
There are more signs that an announcement about Biden’s pick to head the Federal Reserve is due soon. Both current Chair Jerome Powell and Fed Governor Lael Brainard have been interviewed for the top job.
Elon Musk exercised options and sold more Tesla Inc. shares, continuing a streak of sales that helped tank the stock.
Oil rose as investors wait to see if the Biden administration will tap crude reserves. Gold pushed higher, while Bitcoin slipped to trade around $61,000.
US After Hours : AXON +20.2%, PLBY +13.8%, RXT +12.1%, PRCH +9.4% jumping on earnings; BODY -21.1%, NRDY -11%, AAP -2.2% fall on earnings
Nikkei +0,11% Hang Seng +1,20% CSI +0,07% Shanghai -0,26% Shenzen -0,35%
Eur$ 1,1375 CNH 6,3745 CNY 6,3771 JPY 114,18 CHF 0,9247 RUB 72,5628 TRY 10,1354 WTI$ 81,54 Gold 1,66,20 BTC 60,890 -3000 ETH 4340 -230
S&P -0,04% Nasdaq +0,08% EuroStoxx +0,13% FTSE -0,02% Dax +0,01% SMI
Macro :
- *BIDEN PRESSED XI TO FULFILL PHASE 1 TRADE COMMITMENTS: OFFICIAL
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