Asian stocks buoyed by Wall Street gains as easing oil cools inflation fears

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TOKYO : Stocks gained in Asia on Monday amid improved risk sentiment after Wall Street rebounded strongly at the end of last week as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.Treasury yields remained subdued and the dollar hovered n

TOKYO : Stocks gained in Asia on Monday amid improved risk sentiment after Wall Street rebounded strongly at the end of last week as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.

"We've had a decent end to the week in the U.S. markets and I think that's going to be the main scene for Monday here in Asia," amid a dearth of news or other new drivers, said Rob Carnell, chief economist for Asia-Pacific at ING. Both Brent and U.S. West Texas Intermediate futures fell more than a dollar earlier. But, prices have rebounded with Brent at $112.78 a barrel, down 34 cents, and WTI at $107.17, down 45 cents.

"The market remains focused in the trade-off between the policy response to high inflation and fears of a hard landing," Westpac rates strategist Damien McColough wrote in a client note.

 

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