Asian stocks rise, following gain in US equities
Trump’s planned administration.
Benchmark indexes advanced in Japan, South Korea and Australia, while futures climbed in Hong Kong. The Nasdaq 100 outperformed Monday after its longest rout since January, with Tesla Inc. rising 5.6% on a news report Trump’s transition team have told advisers they plan to make a federal framework for fully self-driving vehicles one of the Transportation Department’s priorities. Nvidia Corp., which reports results this week, fell.
Treasuries climbed across the US curve Monday, reversing earlier losses. Australia’s 10-year notes gained in early trading Tuesday.
“Traders appear to be gauging the potential impact of a new Trump administration’s policies on the economy, and the possibility that the Fed may slow down its rate-cutting campaign,” said Chris Larkin at E*Trade from Morgan Stanley. “With a relatively light economic calendar this week, the focus will shift to earnings, especially Nvidia’s, which have the potential to dictate the market’s short-term momentum.”
The S&P 500 rose 0.4% on Monday, while the Nasdaq 100 climbed 0.7%. Treasury 10-year yields declined three basis points to 4.41%. The Bloomberg Dollar Spot Index slid 0.4%. Bitcoin topped $91,000.
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