• By The Financial District

ASIAN MARKETS FOLLOW RISE IN U.S. STOCKS OVER STIMULUS LAW

Asian stocks climbed Friday, March 12, 2021, after the passage of the $1.9 trillion stimulus package in the US swept the S&P 500 Index to an all-time high. The dollar held losses, Emily Barrett and Vildana Hajric reported for Bloomberg News.

South Korea’s benchmark outperformed, helping MSCI Inc.’s regional gauge gain for a fourth straight day. Stocks in Hong Kong and China fluctuated. Earlier, the Biden administration informed some suppliers to Huawei Technologies Co. of tighter conditions on previously approved export licenses.


US equity futures ticked up after broad-based gains pushed the S&P 500 to a historic close on Thursday.


The Nasdaq 100 rebounded more than 2% from losses that had pulled it 11% below its February record. Korean e-commerce giant Coupang Inc. popped 41% in its equity-market debut.


Key bond sales went smoothly in U.S. hours, easing concerns about another possible spike in yields.


The 10-year Treasury benchmark pared an increase after an auction of 30-year notes. Verizon Communications Inc. saw surging demand for its $25 billion debt sale. The dollar edged higher.


S&P 500 futures were up 0.2% as of 10:44 a.m. in Tokyo. The S&P 500 Index gained 1%. Nasdaq 100 futures rose 0.3% after the index rebounded more than 2%. Australia’s S&P/ASX 200 Index climbed 0.9%. Japan’s Topix index advanced 0.6%. South Korea’s Kospi index added 1.5%. Shanghai Composite fell 0.1%.


In currencies, the Bloomberg Dollar Spot Index was steady. The euro held around $1.1986. The British pound hovered at $1.3994. The Japanese yen was up 0.2% at 108.66 per dollar.


For bonds, the yield on 10-year Treasuries was steady at 1.53%. Australia’s 10-year yield was three basis points higher at 1.69%.


For commodities, West Texas Intermediate crude slipped 0.4% to $65.79 a barrel. Gold was 0.2% higher at $1,726 an ounce, Jeremy Herron also reported for Bloomberg News.



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