Asian shares advance after Wall Street rally; gold extends gains
Asian shares on Tuesday after US stocks resumed their upward march on Wall Street, while the price of gold pushed to nearly $1,970 per ounce. Benchmarks climbed in Hong Kong, Tokyo and Shanghai after the S&P 500 rose 0.7% overnight.
Much attention will be focused on a two-day meeting for the Federal Reserve that begins Tuesday, while hopes for more help for the American economy are rising as Congress debates another stimulus package. The closure of the US Consulate in western China’s Chengdu, following the shutdown of China’s consulate in Houston, Texas, highlighted antagonisms between Washington and Beijing that are adding to jitters at a time when the coronavirus pandemic appears to be regaining its grip in parts of Asia, including Hong Kong, Japan and Vietnam.
- Tokyo’s Nikkei 225 index up 0.3% to 22,792.76.
- Hang Seng in Hong Kong adding 1% to 24,844.54.
- Shanghai Composite index surged 1.1% to 3,241.44
- S&P ASX/200 in Sydney gained 0.7% to 6,083.50.
- In currency dealings, the U.S. dollar slipped to 105.33 Japanese yen from 105.40 yen late Monday.
- The euro rose to $1.1762 from $1.1752.
- Brent crude, the international standard, added 22 cents to $44.12 per barrel.