Asian stocks rose on Tuesday, led by a stronger Chinese opening and left behind the initial drag on Wall Street technology losses, while the dollar remained at multi-week lows against other major currencies.
MSCI’s broader Asia-Pacific stock index outside of Japan (.MIAPJ0000PUS) rose 0.2%, in positive territory after Chinese blue chips (.CSI300) rose a 0.13%. South Korea (.KS11) gained 0.4%.
Elsewhere, the Japanese Nikkei (.N225) fell 1.84% as the country continues to struggle with a resurgence of COVID cases. Australia (.AXJO) fell 0.33%.
Hong Kong (.HSI) fell 0.11%, although shares of Chinese food delivery giant Meituan (3690.HK) rose 1.59% after the company said it had raised $ 9.989 billion. huge dollars through a sale of equity and convertible bonds.
Previously, major Wall Street indices were removed from the list of weekly highs, with a big drag from Tesla Inc (TSLA.O).
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“This morning in Asia looks like a continuation of what we saw last night, where technology stocks were hit in the United States,” said Mick McCarthy, chief market strategist at CMC Markets.
McCarthy said the falls in Japan were staggering given the strength of the yen caused by the fall of the dollar, which would normally support Japanese stocks, and added that he would think this would change one way or another. later.
The Nasdaq (.IXIC), which had a lot of technology, was the main driver, falling 0.98%, while the Dow Jones Industrial Average (.DJI) fell 0.36% and the S&P 500 (.SPX) 0.53%.
However, mini-e futures for the S&P 500 rose 0.13%, suggesting that markets could recover later in the day.
In the foreign exchange markets, the dollar continued its recent weakness, falling beyond the six-week lows that arrived on Monday.
“In our view, the US dollar may continue to be heavy this week as the focus shifts from the US economic outlook to the broader global economic outlook,” CBA analysts wrote in a statement. research note.
In Asian trade, the dollar fell 0.08% against the yen, while the Australian dollar gained 0.14% and the euro gained 0.07% against the dollar respectively.
The yield on 10-year Treasury notes rose to 1.6029% compared to the US closing of 1.599%.
Oil prices 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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