HONG KONG: Asian stocks rose on Tuesday, tracking a late Wall Street rally as governments eased coronavirus lockdowns while oil extended gains on expectations fuel demand would begin to pick up.
“While the rises are good to see, much of the region is still on holiday, and volumes are down 10% and that means this won’t be too convincing for traders,” he said. Brent crude rose 4% to US$28.30 a barrel, up for a sixth straight day, and US crude rose 6.03% to US$21.60 a barrel, as countries began loosening coronavirus restrictions and crude supply cuts took effect.
The optimism about economic recovery from the coronavirus outbreak outweighed, at least briefly, the latest war of words between China and the United States, which had dragged down Asian and European shares on Monday.