Asian stocks rallied on Tuesday
Asian stocks rallied on Tuesday as the U.S. Federal Reserve’s promise of bottomless dollar funding eased painful strains in financial markets, even if it could not soften the immediate economic hit of the coronavirus.
- MSCI’s broadest index of Asia-Pacific shares outside Japan added 1.2 percent, though that followed a drop of almost 6 percent on Monday.
- South Korea and Australia also recouped a little of their recent losses.
- S&P 500 futures bounce in Asia, Nikkei jumps.
- The US dollar eased just a touch on the yen to 110.90 after hitting a one-month top at 111.59 on Monday, while the euro inched up to $1.0754 from a three-year trough of $1.0635.
- The US dollar index stood at 102.120, off a three-year peak of 102.99.
- Gold surged in the wake of the Fed’s promise of yet more cheap money and was last at $1,564.51 per ounce having rallied from a low of $1,484.65 on Monday.
- Oil prices also bounced after recent savage losses, with US crude up 64 cents at $24.00 barrel. Brent crude firmed 53 cents to $27.56.