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ASIAN STOCKS RALLY AMID ECONOMIC OPTIMISM
- By The Financial District
- Jun 25, 2021
- 2 min read
Asian stocks rose Friday after US shares hit a record on a bipartisan $579 billion U.S. infrastructure deal that stoked economic optimism. The dollar retreated, Sunil Jagtiani reported for Bloomberg News on June 25, 2021.
Equities made modest gains in Japan, China and Hong Kong. Australian shares weathered the imposition of virus lockdowns in parts of Sydney. S&P 500 and Nasdaq 100 contracts were steady after both indexes reached new peaks.
Sectors seen as beneficiaries of the recovery from the pandemic, such as energy, led gains in US hours, and banks rose in postmarket trading after clearing stress tests.
President Joe Biden celebrated the bipartisan plan, which is expected to move through Congress alongside a separate bill that would spend trillions more on what he called “human infrastructure.”
It’s not yet assured either measure will get enough wider lawmaker support given the political splits in the US.
S&P 500 futures were up 0.1% as of 10:49 a.m. in Tokyo. The index rose 0.6%. Nasdaq 100 futures dipped less than 0.1%. The gauge rose 0.6%. Japan’s Topix index climbed 0.5%. South Korea’s Kospi index was up 0.8%.
Australia’s S&P/ASX 200 rose 0.2%. China’s Shanghai Composite index added 0.4%. Hong Kong’s Hang Seng Index climbed 0.5%. The Bloomberg Dollar Spot Index slipped 0.1%. The euro rose 0.1% to $1.1943. The Japanese yen was at 110.90 per dollar. The offshore yuan was at 6.4654 per dollar.
The yield on 10-year Treasuries was about one basis point higher at 1.50%. West Texas Intermediate crude was at $73.49 a barrel, rising 0.3%. Gold was at $1,777.94 an ounce, up 0.2%, Nancy Moran reported for Bloomberg News.
