Asia stocks rise as upbeat factory data lifts confidence | Malay Mail

A pedestrian walks past an electronic quotation board displaying share prices from the Tokyo Stock Exchange in Tokyo July 31, 2020. — AFP pic

Oil futures gave up their overnight gains and fell in Asia due to nagging worries about an increase in the supply of crude. US stock futures were 0.02 per cent higher in Asia. “It has been an upbeat US trading session and Asia will absorb the leads accordingly,” Chris Weston, head of research at Pepperstone, said in a market note.

US stocks received an additional lift from Microsoft, which jumped 5.6 per cent after it formally declared interest in buying the US operations of TikTok, a popular video-sharing app owned by Chinese tech company ByteDance. The dollar held steady against its counterparts as traders awaited progress in negotiations for additional economic stimulus.

Chicago Federal Reserve Bank President Charles Evans yesterday called forcefully for more US government spending to support the economy, saying “demand trouble is brewing” as existing relief policies expire.

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