Asian Stocks Extend Gains; dollar steady
Asian stocks extended gains on Tuesday as overnight strength on Wall Street and the Federal Reserve’s cautious turn underpinned appetite for riskier assets, while the dollar held firm on last week’s upbeat U.S. data.
- MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.5 percent.
- Japan’s Nikkei average marked its highest level in seven weeks at one point but finished the day down 0.2 percent.
- Australian shares jumped 2 percent.
- The Cboe Volatility Index, Wall Street’s so-called “fear gauge,” dropped to 15.6.
- The dollar’s index against six major currencies was little changed at 95.847.
- The euro was also steady at $1.143.
- The greenback stood flat at 109.91 yen, having risen to 110.165 overnight.
- The British pound barely moved and was at $1.3040.
- The Australian dollar gained 0.5 percent to $0.7260.
- U.S. West Texas Intermediate (WTI) crude futures rose 0.5 percent to $54.82 a barrel.
- Brent crude futures were last up 0.3 percent at $62.73.