Asian shares rose with US and European futures as lower Treasury yields bolstered the allure of holding equities.
Traders are watching for any further news around President-elect Donald Trump’s planned administration. MSCI’s gauge of Asian stocks climbed as much as 1.2% as benchmarks rose in Japan, Australia and South Korea.
Bloomberg’s gauge of the dollar headed for a third day of losses as the so-called Trump trade that had bolstered the greenback and pushed up US yields has at least temporarily lost momentum.
The gains in US stock futures suggest American equities can extend their rally after the S&P 500 and Nasdaq 100 both closed higher Monday.
The Nasdaq 100 outperformed in US trading, with Tesla Inc. jumping 5.6% on a news report that Trump’s transition team is seeking to ease federal framework for fully self-driving vehicles.
“Asia equity markets are catching the tailwind from a better trading session in the US,” said Frederic Neumann, chief Asia economist at HSBC Holdings Plc in Hong Kong.
“With US rates edging lower, this is giving risk assets a little relief across the region.”
