Wednesday, July 28, 2021

Asian stocks rally when oil hits two-year high

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Stocks in Asia-Pacific rose following a rally on Wall Street and oil rose to its highest level in two years as investors took comfort in signs that the Federal Reserve would continue to support the economic recovery from the pandemic. of coronavirus.

In early trading in the region on Tuesday, Japan’s Topix was up 2.4 percent and Australia’s S & P / ASX 200 was up 1.2 percent. China’s CSI 300 index of stocks listed in Shanghai and Shenzhen rose 0.3 percent.

The moves followed a rebound in US stocks on Monday, with the S&P 500 closing up 1.4 percent. US stocks fell last week after the Federal Reserve took a more aggressive turn, sparking fears that rising interest rates could derail the global economic recovery.

But market sentiment received a boost Monday from more subdued comments from Fed officials, including President Jay Powell, who in prepared remarks ahead of congressional testimony on Tuesday said the central bank “will do everything possible. to support the economy for as long as it takes. ” to complete the recovery ”.

John Williams, chairman of the Federal Reserve Bank of New York, also said Monday that the US economy was not yet ready for the central bank to begin withdrawing its strong monetary support.

Jean Boivin, director of the BlackRock Investment Institute, said that “the new outlook from the Fed will not translate into significantly higher policy rates anytime soon.”

“We may see bouts of volatility in the market. . . but we advocate to maintain the investment and face any turbulence ”, added Boivin.

S&P 500 futures were up 0.1% during Asian trading on Tuesday, while London’s FTSE 100 were up 0.2%.

Commodity prices, which were hit last week by concerns about the global economic outlook, also rose. Brent crude, the international benchmark for oil, rose 0.1% to $ 75 a barrel for the first time since April 2019.

Brent is up more than 50 percent this year, underscoring strong demand ahead of next week’s OPEC + meeting.

Bitcoin stabilized after falling sharply in response to a warning from the People’s Bank of China on Monday that the country’s state banks and payment platforms must “investigate and identify” accounts that facilitate cryptocurrency trading and block all such transactions.

The cryptocurrency gained 0.2 percent in Asian trade at $ 32,635, but is still down more than 7 percent this month.

Bond markets stabilized after yields, which move in reverse to prices, rose on Monday as investors ditched the safety of government debt and plunged back into equities. 10-year US Treasury yields fell 0.02 percentage points to 1.474%.

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