Global Markets: Asian stocks gain on U.S. stimulus hope, yuan surges

A passersby wearing a protective face mask stands in front of a screen displaying Nikkei share average and world stock indexes outside a brokerage, amid the coronavirus disease outbreak, in Tokyo, Japan October 5, 2020. Picture taken with slow shutter speed. REUTERS/Issei Kato/File Photo

“It will be quite a mixed day,” said Ryan Felsman, senior economist at CommSec. “People are digesting the potential for a stimulus bill, and markets are very cautious on the back of that.” The Dow Jones Industrial Average ended up 0.40% on Tuesday. The S&P 500 rose 0.47%, and the tech-heavy Nasdaq Composite rose 0.33%.

Benchmark 10-year U.S. Treasury yields hit a four-month high of 0.8060% and the yield curve reached the steepest level in more than four months on hopes lawmakers could agree on a stimulus package.

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