Asian markets advanced in early trading Tuesday, after Wall Street hit new records and ahead of the U.S. Federal Reserve meeting.
Japan’s Nikkei 225
rose 0.6% and Hong Kong’s Hang Seng index
gained 0.5%. The Shanghai Composite
inched 0.2% and the smaller-cap Shenzhen Composite
advanced 0.4%. South Korea’s Kospi
rose 0.5%. Australia’s S&P/ASX 200
jumped 1.3%, powered by bank stocks such as Commonwealth Bank
Stocks dipped in Singapore
after the government found uncertain labor market conditions, but benchmark indexes gained in Taiwan
“The $1.9 [trillion] stimulus package in the U.S. will lead to a stronger U.S. and global recovery, hence more exports for China, which continues to resonate through Asia risk sentiment as the global synchronized growth story looks more in sync than only one week ago,” Stephen Innes, chief global markets strategist at Axi, wrote in a note.
The Dow Jones Industrial Average
and S&P 500
each hit new highs Monday, while the Nasdaq Composite
rose more than 1% as investors welcomed the stimulus package signed last week by President Joe Biden and shook off six weeks of rising Treasury yields.
Fed Chairman Jerome Powell is expected to speak Wednesday after the Fed’s two-day meeting, with investors expecting an update on the Fed’s assessment of the economy.
Benchmark U.S. crude
dipped to $64.86 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude
the international standard for pricing, slipped to $68.30 per barrel.
The U.S. dollar
was little changed at 109.17 Japanese yen.