Asian stocks rose for a third day, buoyed by advances in Japan and Hong Kong, in an extension of a recent shift toward non-US assets amid uncertainties unleashed by Donald Trump.
Hong Kong equity benchmarks gained about 2%, boosted by BYD Co. shares at a record after it unveiled a new charging system for electric cars.
Japanese gauges were up more than 1% after Berkshire Hathaway Inc. increased its stakes in the country’s biggest trading houses, underscoring expectations of longer-term growth prospects.
US equity futures retreated, while those in Europe edged higher. Global investors are hunting for opportunities elsewhere after US stocks tipped into a correction earlier this month, with Chinese and Japanese equities among the beneficiaries in Asia.
A pivot by China toward stoking domestic consumption in Monday’s briefing, which would make the economy less vulnerable to tariffs, is helping to fuel a re-balancing.
In Japan, financial stocks also gained along with elevated yields ahead of the Bank of Japan’s decision on Wednesday.
