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Asian Shares Up Following China’s Gains

April 20, 2021

Asian shares rose early in Tuesday’s session, led by a stronger Chinese opening, despite the slight dip resulting from Wall Street’s losses. The US dollar continues at multi-week lows against other major currencies.

  • MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%, swinging into positive territory after Chinese blue chips rose 0.13%. South Korea gained 0.4%.
  • Japan’s Nikkei dropped 1.84%, as the country continues to grapple with a resurgence in COVID cases.
  • Australian shares slipped 0.33%.

Hong Kong shares fell 0.11%, although Chinese food delivery giant Meituan’s shares rose 1.59% after the company said it had raised a huge $9.98 billion through an equity and convertible bond sale.

Major Wall Street indexes drew back from record highs hit last week, with a big drag from Tesla Inc. The electric-car maker slid 3.4% after a Tesla vehicle believed to be operating without anyone in the driver’s seat, crashed into a tree on Saturday north of Houston, Texas, killing two passengers.

The tech-heavy Nasdaq was the biggest mover, falling 0.98%, while the Dow Jones Industrial Average declined 0.36%, and the S&P 500 0.53%.

E-mini futures for the S&P 500 rose 0.13%, suggesting markets could bounce back later in the day.

In currency markets, the USD continued its recent weakness, falling further from six week lows it hit on Monday.

“In our view, USD can remain heavy this week as focus shifts from US economic out-performance to the improving global economic outlook more broadly,” wrote analysts at CBA.

In Asian trade, the USD dropped 0.08% against the JPY, while the AUD gained 0.14% and the EUR gained 0.07% on the USD respectively.

  • The yield on benchmark 10-year Treasury notes rose to 1.6029% compared with its US close of 1.599%.
  • Oil prices continued to rise. U.S. crude ticked up 0.19% to $63.50 a barrel, and Brent crude rose to $67.2 per barrel.

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