Fast gains in US manufacturing survey, hope for stimulus by Reuters

© Reuters. FILE PHOTO: Man is silhouetted against stock quotation board in Tokyo
Reuters. File photo: Man silhouetted in front of a stock quotation board in Tokyo

By Hideyuki Sano and Alvin Scott

TOKYO / NEW YORK (Reuters) – Asian stocks rose on Wednesday on bullish U.S. manufacturing indices and a rally in U.S. tech stocks, with investors expecting more policy support from Washington.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25% while the latest rose 0.35%.

The Belweather CSI 300 index fell 0.3% in investor caution after mainland Chinese stocks hit a five-year high earlier this week.

On Wall Street, both the S&P 500 and the Nasdaq have hit record closing highs with gains of 0.75% and 1.39%, respectively, leading the charge.

Capital Paul (Nasdaq :), the world’s largest company by market capitalization, has asked suppliers to make at least 75 million 5G iPhones later this year, following media reports that the price has risen to about 3 2.3 trillion.

U.S. Manufacturing indicators showed expansion, with reading by the Institute for Supply Management reaching its highest level in almost two years.

Eurozone manufacturing activity also rose last month to move towards recovery, although factory managers have been wary of investing and hiring more workers.

“There’s been a lot of positive momentum in the market at the moment,” said Greg Bottle, head of U.S. equity and derivatives strategy at BNP Paribas (OTC 🙂 in New York. “If you get exactly-to-good data and anything from the political landscape that seems to be moving more constructively towards reconciliation for markets.”

U.S. Treasury Secretary Steven Munuchin said Tuesday that he would telephone House Speaker Nancy Pelosi about coronavirus aid talks stalled later that day.

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White House Chief of Staff Mark Meadows said Senate Republicans are likely to bring a targeted Covid-19 relief bill next week.

U.S. The Federal Reserve gave more support to the economy as Governor Lyle Bernard said the central bank would need more stimulus to deliver on its promise of stronger inflation.

“We are entering the second phase of government stimulus provided by the central bank,” said Hiroshi Watanabe, a senior economist. Sony (NYSE 🙂 Financial Holdings.

“This means that US nominal bond interest rates will be kept low and real interest rates will fall. The dollar will continue to depreciate as the price of various assets from gold increases.”

Brainard’s remarks came as the 10-year-old U.S. Helped reduce Treasury yields from 0.7% to 0.680%. Last week it was as high as 0.789%, the highest in 2/2 months.

Inflation-protected U.S. Treasury or U.S. Yields on real yields plunged to minus 1.092%, close to a record low of minus 1.111% last month.

In the currency market, after hitting a 28-month low against the basket of currencies on Tuesday, strong manufacturing data helped the US dollar gain a paw loss.

Tuesday’s low was 92.386 from a low of 91.737.

After the euro touched above $ 1.20 for the first time since 2018 during Tuesday’s trading, the 1.1905 hands changed hands on the day.

The dollar was firm at 106.03 yen against the yen.

GDP figures show that the quarterly Australian economy suffered more contraction than expected in the last quarter, ranging from dollar .73% to $ 7348, the worst economic downturn on record.

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The futures rose 0.8% to 45.95 dollars per barrel. U.S. West Texas Intermediate futures rose 0.8%. . 43.10 per barrel.

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