Asian shares make cautious gains after choppy Wall Street session

Asian shares opened mostly higher on Wednesday, tracking modest Wall Street gains as prospects of an eventual victory against coronavirus shored up recovery hopes, while tight supply expectations pushed oil prices to their highest in a year.

Asian Shares

  • Asia’s open, however, was mixed with Japan’s Nikkei 225 up 0.11per cent,
  • Australia’s S&P/ASX 200 down 0.1per cent.
  • South Korea’s KOSPI 0.64per cent higher.

Bonds

  • Benchmark U.S. government 10-year debt last rose 1/32 in price to yield 1.1325per cent, from 1.134per cent late on Monday. The yield hit 1.187per cent earlier in the session.

Currency

  • The U.S. dollar was down a day after hitting its highest since December, and the tighter Treasury yields pushed the greenback down further.
  • The dollar index fell 0.463per cent, with the euro up 0.45per cent to US$1.2204. The Japanese yen strengthened 0.49per cent versus the greenback at 103.75 per dollar.

Commodities

  • Safe-haven spot gold added 0.6per cent to US$1,855.46 an ounce. Silver gained 2.49per cent to US$25.54.
  • In oil markets, Brent crude prices hit their highest since February as tighter supply and expectations of a drop in U.S. inventories offset concerns over rising COVID-19 cases globally. Saudi Arabia said it plans to cut output by an extra 1 million barrels per day in February and March.

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