Business Maverick: Asian stocks extend gains after US equities rally: markets wrap

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Asian stocks extended a rally on Wednesday following the best two-day run for US equities in more than two years, as investors began to anticipate a slowing to central bank tightening that could jolt risk assets higher.

Hong Kong stocks jumped after a one-day break and Australian, Japanese and South Korean shares rose as improving risk sentiment dragged global equities from oversold levels. US and European stock futures inched lower after the S&P 500 jumped 3.1% on Tuesday and the Euro Stoxx 50 enjoyed its best day since March. Elon Musk revived his $44-billion bid for Twitter, which soared 22%.

A Fed official speaking on Tuesday indicated further tightening ahead for the US central bank, dousing hopes that peak interest rates may be near. “There are a lot more bonds for sale,” Gibbs said. “That pushes prices down and yields up. That would make bonds more attractive than equities and put more and more headwinds on equities.”

 

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