Asian stocks gain on US stimulus hope, yuan surges | Malay Mail

The yuan surged to the strongest level against the dollar in more than two years on growing optimism about China’s economy and speculation that a victory for US Democrat presidential candidate Joe Biden next month will lead to better Sino-US ties. — Reuters pic

Benchmark US Treasury yields hit a four-month high and the yield curve steepened on expectations for more US fiscal spending, but some investors remain cautious about the chances of a deal before the US presidential election on November 3. Netflix, however, reported disappointing earnings, leading its shares to fall 6 per cent after trading hours.

The US dollar hit a one-month low against a basket of major currencies as investors awaited the outcome of the fiscal stimulus talks and as coronavirus cases spiked in Europe.

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