AsiaBusiness

Japanese and Hong Kong equity markets dominate in Asia Tuesday

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thejapannews– SYDNEY, NSW, Australia – Stocks continued on their rally on Tuesday, joined by the Hong Kong exchange which re-opened after the Chinese New Year.

Oil prices were at a 13-month high, while bitcoin was changing hands at an astonishing at $49,323.56 in afternoon trading across Asia, not far from its record high of $49,715 reached on Sunday.

“There is a clear sense with rates staying low for some time yet and investor appetite for equities staying strong we will likely see markets hold up for some time yet,” Ord Minnett advisor John Milroy told Reuters Tuesday.

“Gaining traction is the thought that inflation could rise much faster and sooner than the Fed is currently thinking. Then if they do raise rates to combat it what happens to equity markets and of course bond markets.”

Tokyo’s Nikkei 225 was again in fine form. The index tacked on another 383.60 points or 1.28 percent to 30,467.75.

The Australian All Ordinaries climbed 39.60 points or 0.55 percent to 7,189.30.

The Hang Seng in Hong Kong did best of all, rising 573.09 points or 1.90 percent to 30,746.66.

Shares on mainland China exchanges remained closed for the Lunar New Year celebrations, and will not re-open until Thursday.

The U.S. dollar was mixed. Against the euro it was little changed at 1.2139 Tuesday. The British pound powered ahead to 1.3931 around the Sydney close. The Japanese yen retreated to 105.53. The Swiss Franc inched up to 0.8890.

The Canadian dollar was unchanged at 1.2630. The Australian dollar was also little moved, while the New Zealand dollar strengthened to 0.7250.

Overnight on Wall Street, the Dow Jones was ahead 27.70 points or 0.09 percent at 31,458.40.

The Standard and Poor’s 500 advanced 18.45 points or 0.47 percent to 3,943.83.

The Nasdaq Composite gained 69.70 points or 0.50 percent to 14,095.4