Asian markets get support from American stock gains
On Tuesday, stocks traded mostly higher in Asia, catching an updraft from soaring American stocks and commodities price rebounds, though with yen volatility throwing in an X factor to proceedings.
Australian S&P/ASX 200 surged 0.5% higher, Malaysian FTSE Bursa along with Singapore’s Strait Times gained 0.3%, after crude and metal prices pared their recent losses.
Brent, the global benchmark, gained $0.22, hitting $49.37 per barrel, while copper surged 0.5% at $4,637 a metric ton, backing shares of commodities-related companies. Meanwhile, in Australia, Rio Tinto Ltd. grew 1% and Oil Search Ltd. edged up 1.9%.
Additionally, the Hang Seng Index grew 0.5%, the Shanghai Composite Index stood intact and Korean Kospi acquired 0.7%.
Japanese shares are locked in their usual interplay with the Japanese yen, with yen strength typically decreasing Tokyo share prices, and yen weakness spurring that market.