Most Asian stocks rose Tuesday as Japan extended a rally and traders took heart from indications that the global recovery is weathering challenges from the delta virus variant. Japan’s Nikkei 225 hit 30,000 for the first time since April as an index reshuffle added to optimism that a new prime minister will usher in favorable policies.
China climbed, aided by a continuing rebound in technology stocks and better than expected trade data. S&P 500 and Nasdaq 100 futures edged up ahead of a resumption in U.S. markets after a holiday.
Treasury yields pushed higher and dollar dipped. New Zealand’s 10-year yield rose to the highest since April 2019. Oil retreated amid Saudi Arabia’s price cut for Asian buyers and demand threats from the outbreak of the delta variant. Bitcoin topped $52,000.
El Salvador bought 400 coins ahead of adopting the cryptocurrency as legal tender on Tuesday. Australia’s dollar and 10-year bond yields rose after the central bank said it will stick to its plan to taper bond purchases as the economic impact from restrictions to tame the virus will be temporary.
Global shares are at a record, overcoming concerns that the delta strain is hampering economic reopening and exacerbating supply snarls that are fueling inflation, [Bloomberg]
