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Asian stocks set for modest gains as tech woes check stimulus hopes

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Asian stocks were set for modest gains on Wednesday after renewed U.S. stimulus hopes helped Wall Street higher, although wobbles in the tech sector could keep a lid on investor sentiment.

“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 White House and Democrats in the U.S. Congress moved closer to agreement on a new coronavirus relief package on Tuesday as President Donald Trump said he was willing to accept a large aid bill despite opposition from his own Republican Party. Negotiations will continue on Wednesday, an aide to top U.S.

Netflix, however, reported disappointing earnings, leading its shares to fall 6% after trading hours, a development that could cause an “overhang” in Asian trading, Felsman said.

 

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