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Asian stocks perk up on economic cheer as Treasuries stabilise

03/03/2021 | 01:12am EDT

* Asian stock markets: https://tmsnrt.rs/2zpUAr4

* Equities enjoy gains due to economic optimism

* Treasury market remains calm after sell-off

* Aussie in focus after positive economic data

TOKYO/NEW YORK, March 3 (Reuters) - Asian shares edged higher on Wednesday as investors shrugged off concerns that stocks may have rallied too far too fast in the past year, and focused instead on optimism that more imminent U.S. stimulus will energise the global economic recovery.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.12%. Australian shares were up 0.82%, while Japan's Nikkei stock index rose 0.45%. Shares in China gained 1.27%.

E-mini S&P futures were up 0.36%.

The pan-region Euro Stoxx 50 futures were up 0.35%, German DAX futures were up 0.36%, and FTSE futures were up 0.55%.

Wall Street retreated overnight after beginning March with a bang, with the S&P 500 staging its best one-day rally in nine months on Monday.

But some analysts warned that worries that stock prices may be frothy, a fear echoed by a top Chinese regulatory official on Tuesday, may make it harder for equity markets to hang on to gains. Fears that last week's sell-off in U.S. Treasuries, which rattled stock markets, could resume may also put a lid on stock prices, they said.

"While markets have stabilised..., the tone remains tenuous as investors continue to fear a further sell-off in rates," analysts at TD Securities said in a note.

The cautious mood weighed on the U.S. dollar, which has benefited in recent days from investor hopes that the United States will enjoy a faster economic recovery, and that the U.S. central bank will be more tolerant of higher bond yields.

The U.S. dollar index stood at 90.787, nursing a 0.2% loss from the previous session.

The Australian dollar, which has benefited from bets on an acceleration in global trade, was supported after stronger-than-expected economic growth in the fourth quarter fuelled hopes for a V-shaped recovery from the coronavirus pandemic.

Benchmark U.S. government bond yields dipped again for the third consecutive day as investors paused a recent sell-off ahead of a slew of U.S. economic data that will be released later this week. The yield on 10-year Treasury notes stood at 1.4086%, down from last week's high of 1.614%.

The U.S. stock market was roiled last week when benchmark yields spiked to a one-year high on investor bets that a strong U.S. economic rebound amid ultra-loose monetary conditions could fuel inflation.

U.S. Federal Reserve officials have said that inflation concerns are premature, however, and warned that rising yields could tighten financial conditions and constrain an economic recovery.

MSCI's broadest index of global stocks edged up by 0.19%.

Oil prices bounced slightly from a two-week low overnight on expectations that OPEC+ producers will ease supply curbs at their meeting later this week as economies start to recover from the coronavirus crisis.

U.S. West Texas Intermediate crude rose 0.15% to $59.85 a barrel, while Brent futures rose 0.33% to $62.91.

Cryptocurrency bitcoin erased early losses and rose 0.96% to $48,979. The digital asset is up 69% so far this year as it gains more acceptance in mainstream financial circles.

(Reporting by Stanley White and Koh Gui Qing; Editing by Christopher Cushing and Christian Schmollinger)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) 0.03% 0.95418 Delayed Quote.-1.68%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.03% 83.561 Delayed Quote.5.40%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) -0.07% 1.08278 Delayed Quote.1.29%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) 0.10% 0.70432 Delayed Quote.3.93%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.00% 0.7621 Delayed Quote.-0.49%
BITCOIN - EURO 0.44% 48897.25 Real-time Quote.107.14%
BITCOIN - UNITED STATES DOLLAR 0.23% 58126.64 Real-time Quote.101.20%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.01% 1.7984 Delayed Quote.1.02%
CANADIAN DOLLAR / AUSTRALIAN DOLLAR (CAD/AUD) 0.00% 1.04802 Delayed Quote.1.70%
DAX 0.21% 15234.16 Delayed Quote.11.05%
DJ INDUSTRIAL 0.89% 33800.6 Delayed Quote.9.28%
DOW JONES FXCM DOLLAR INDEX 0.00% 11861.01 Delayed Quote.1.42%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) 0.02% 1.56135 Delayed Quote.-1.93%
EURO / US DOLLAR (EUR/USD) -0.05% 1.1895 Delayed Quote.-2.44%
EURO STOXX 50 0.03% 3978.84 Delayed Quote.12.00%
LONDON BRENT OIL -0.41% 62.98 Delayed Quote.22.48%
NASDAQ 100 0.63% 13845.05499 Delayed Quote.7.42%
NASDAQ COMP. 0.51% 13900.185309 Delayed Quote.7.85%
NIKKEI 225 0.20% 29768.06 Real-time Quote.8.47%
S&P 500 0.77% 4128.8 Delayed Quote.8.62%
WTI -0.61% 59.359 Delayed Quote.23.95%
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