Global stocks rose and Treasury yields dipped on Monday with major Wall Street benchmarks hitting fresh records, buoyed by a robust start to the U.S. corporate earnings season and an improving economic outlook.
Asian stocks inched higher on Tuesday, as upbeat Wall Street earnings lifted the broader economic outlook though fresh worries about China’s property sector hit Hong Kong and mainland markets.
Gold was up on Monday morning in Asia, clawing back gains from the prior session’s losses. U.S. Federal Reserve chief Jerome Powell’s view that inflation could ease in 2022 and the central bank was on track to begin asset tapering soon had contributed to the downward trend.
The dollar steadied on Monday after its steepest weekly loss in more than a month, as traders weigh the effect of inflation on the relative pace of looming rate hikes – with a wary eye on U.S. growth data and a European Central Bank meeting.
Oil prices rose on Monday, extending pre-weekend gains, with U.S. crude hitting a seven-year high as global supply remained tight amid strong demand worldwide as economies recover from coronavirus pandemic-induced slumps.
Asian shares started steady on Monday ahead of a week packed with major quarterly earnings announcements, while the dollar hovered near October lows after three weeks of risk-friendly sentiment hurt safe-haven currencies.