SINGAPORE – Asia Pacific stocks traded higher Tuesday morning after shares on Wall Street rose sharply overnight.
South Korea’s Kospi rose 1.82% after returning from a Monday vacation.
Mainland China stocks also rose in morning trade, with the Shanghai Composite gaining 0.22% while the Shenzhen component gaining 0.418%. The Hang Seng Index in Hong Kong gained 0.28%.
In Japan, the Nikkei 225 was above the flatline while the Topix index fell 0.28%.
In Australia, stocks rose as the S & P / ASX 200 rose 0.79%. The Reserve Bank of Australia will announce its rate decision on Tuesday around 11:30 am HK / SIN.
MSCI’s broadest index for stocks in the Asia-Pacific region outside of Japan rose 0.79%.
Wall Street Surge
Overnight, the Dow Jones Industrial Average rose 603.14 points to 31,535.51 while the S&P 500 rose 2.38% to end its trading day at 3,901.82. The Nasdaq Composite rose 3.01% to close at 13,588.83.
The moves came as the yield on 10-year US Treasury bills fell after rising last week. The return for the 10-year year was most recently 1.417%.
Oil prices are falling
Oil prices were lower on the morning of trading hours in Asia and the international benchmark Brent crude oil futures fell 1.32% to $ 62.85 a barrel. The US crude oil futures were also down 1.29% to $ 59.86 a barrel.
The US dollar index, which tracks the greenback versus a basket of its peers, came in at 91.124 as it largely held up gains from late February as it rose from below 90 levels.
The Japanese yen was trading at 106.88 per dollar, still weaker than below 105.7 versus last week’s greenback. The Australian dollar changed hands at $ 0.7751 after a previous high of $ 0.778.
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