Asian stocks climb for third day as US futures face decline
Asian stocks advanced for the third day in a row, while US futures showed signs of weakness.
Asian stocks rose for a third day, buoyed by advances in Japan and Hong Kong, in an extension of a recent shift toward non-US assets amid uncertainties unleashed by Donald Trump, News.Az reports, citing Bloomberg.
Hong Kong equity benchmarks gained about 2%, boosted by BYD Co. shares at a record after it unveiled a new charging system for electric cars. Japanese gauges were up more than 1% after Berkshire Hathaway Inc. increased its stakes in the country’s biggest trading houses, underscoring expectations of longer-term growth prospects. US equity futures retreated, while those in Europe edged higher.
Global investors are hunting for opportunities elsewhere after US stocks tipped into a correction earlier this month, with Chinese and Japanese equities among the beneficiaries in Asia. A pivot by China toward stoking domestic consumption in Monday’s briefing, which would make the economy less vulnerable to tariffs, is helping to fuel a re-balancing.
Gold rose to a fresh all-time high above $3,017 an ounce. The yield on 10-year Treasuries slipped less than one basis point to 4.29% as the Federal Reserve is set to kick off a two-day policy meeting. The Bloomberg Dollar Index gained 0.1%.
China’s world-beating stock rally may get a fresh catalyst from a slew of tech earnings, with Xiaomi Corp. and Tencent Holdings Ltd. set to report this week. Fresh data showed foreign investments into China’s onshore markets rose to a record high in February. President Trump said Chinese leader Xi Jinping would visit Washington soon.
In Japan, financial stocks also gained along with elevated yields ahead of the Bank of Japan’s decision on Wednesday. The central bank is expected to keep the policy rate at 0.5%, according to economists surveyed by Bloomberg. The yen dropped against the dollar for a third day, inching toward the 150 mark again.
Elsewhere, Indonesian stocks tumbled by the most in over a decade, triggering a trading halt, amid concerns about a weakening economy and softer consumption.
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