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Asia stocks up after UK fiscal U-turn

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Investor sentiment brightens after new British finance minister changes course

Singapore — Asia stocks nudged higher on Tuesday as the dramatic U-turn in British fiscal policy brightened investor sentiment, while the US dollar took a breather at its lowest levels in more than a week as a revival in risk-taking lowered its appeal.

Hunt’s move led to Britain’s government bonds, currency and shares soaring, also lifting Wall Street. China’s stock market opened nearly flat and edged up 0.12% to 3,088.54 as the Chinese ruling Communist Party’s twice-a-decade congress remains in session this week. The Australian dollar rose on Tuesday after the Reserve Bank of Australia said it expects to raise interest rates further over the coming months.

 

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