By Chibuike Oguh NEW YORK (Reuters) – Asian stocks opened mostly higher on Wednesday, following modest gains on Wall Street, as prospects for an eventual victory against the coronavirus bolstered hopes for a recovery, while tight expectations for Supply drove oil prices to their highest level in a year. Investors were betting that the incoming Biden administration would increase the distribution of coronavirus vaccines in the United States, allowing much of the US economy to reopen, said Peter Essele, head of portfolio management at Commonwealth Financial Network in Boston. “The amount of pent-up demand is slowly unraveling and over the next year it will likely result in one of the strongest growth in 20 years and the markets are fixing that,” Essele said. “Right now, it’s a race between the cases and the vaccine and the vaccine will eventually win and the curve will flatten.” The opening of Asia, however, was mixed with an increase of 225 0.11%, Australia 0.1% and South Korea 0.64% higher. On Wall Street, stocks were almost unchanged during the session, not far from all-time highs. The Dow Jones was up 0.19%, gained 0.04% and added 0.28%. The US 10-year yield hit its highest level since March, but narrowed to almost flat the day after a Treasury auction went well. Performance had risen sharply this year due to expectations of a massive stimulus package from the incoming Democratic administration. Democrats said they will give Republican President Donald Trump one last chance Tuesday to leave office days before his term expires or face an unprecedented second impeachment over his supporters’ deadly attack on the U.S. Capitol on January 6. U.S. An impeachment trial could continue even after Trump leaves office on January 20. But analysts say they don’t expect more political unrest in Washington to affect markets. “The markets since the election have been quite strong because the uncertainty factor was removed,” Essele said. In oil markets, prices reached their highest level since February, as tighter supply and expectations of a drop in US inventories offset concerns about rising COVID-19 cases at the level. world. Saudi Arabia said it plans to cut production by an additional 1 million barrels a day in February and March. Brent was at $ 56.56, up 1.62% on the day, while it was recently up 1.76% at $ 53.17 a barrel. Benchmark 10-year US government debt rose 1/32 in price to yield 1.1325%, from 1.134% late Monday. The yield reached 1,187% at the beginning of the session. The US dollar fell a day after reaching its highest level since December, and tighter yields on Treasuries pushed the dollar further lower. The fell 0.463%, with the euro rising 0.45% to $ 1.2204. The Japanese yen strengthened 0.49% against the dollar to 103.75 per dollar. The safe haven added 0.6% to $ 1,855.46 an ounce. Silver gained 2.49% to $ 25.54.
Asian equities make cautious gains after choppy Wall Street session By Reuters
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