Asian Stocks Advance After Wall Street’s Rebound: Markets Wrap

-- Stocks in Asia followed a rebound on Wall Street as investors looked beyond Joe Biden ending his reelection campaign to focus on the start of the tech earnings season.The Money Mess Biden Is Leaving for Fellow Democrats: QuickTake

Almost two-thirds of respondents to Bloomberg’s Markets Live Pulse survey expect earnings to reinvigorate the US benchmark. A gauge of the “Magnificent Seven” climbed about 2.5%, led by gains in Tesla and Nvidia Corp. The Nasdaq Golden Dragon China Index, a gauge of US-listed Chinese shares, advanced 2.8%.

Elsewhere in Asia, India’s Finance Minister Nirmala Sitharaman will present the budget Tuesday, laying out economic priorities of a new coalition government under Prime Minister Narendra Modi. “We see pullbacks as an opportunity to lean into stocks,” a team led by Wei Li wrote. “Looking through near-term noise” of the small-cap rally, big tech is likely to keep driving returns as companies carry positive earnings results for the market, the strategists said.

-- Trans Mountain Corp. plans to borrow in the bond market to refinance some of its outstanding debt ahead of the Canadian government’s eventual sale of the oil pipeline operator, according to people familiar with the matter.

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