Asian shares rally as investors disregard Sino-U.S. tension
Asian stock markets were seen upbeat on Tuesday. This followed after investors were greatly relieved that growing tensions between China and the United States do not directly impact trade. More so, optimism for U.S. stimulus drove oil and commodity prices up.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1%. Japan’s benchmark index Nikkei advanced 1.7% as healthcare and industrial stocks soared. Hong Kong’s Hang Seng index recorded a 2.2% gain.
While the risk-sensitive Australian and New Zealand dollars jumped about 0.3%, they still placed below their record highs as apprehensions capped their performance.
On Wall Street, the Dow advanced 1% as the S&P 500 rallied. Meanwhile, the Nasdaq recorded minimal gains as investors resorted to value stocks over some technology-related holdings.