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Asia stocks rise as upbeat factory data lifts confidence

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TOKYO/WASHINGTON: Asian shares rose on Tuesday after strong U.S. manufacturing data and gains in tech stocks helped investors look past broader worrie...

Asian shares rose on Tuesday after strong U.S. manufacturing data and gains in tech stocks helped investors look past broader worries about the coronavirus and global economy.

Oil futures gave up their overnight gains and fell in Asia due to nagging worries about an increase in the supply of crude. U.S. stock futures were 0.02% higher in Asia. "It has been an upbeat U.S. trading session and Asia will absorb the leads accordingly," Chris Weston, head of research at Pepperstone, said in a market note.

U.S. stocks received an additional lift from Microsoft , which jumped 5.6% after it formally declared interest in buying the U.S. operations of TikTok, a popular video-sharing app owned by Chinese tech company ByteDance. The dollar held steady against its counterparts as traders awaited progress in negotiations for additional economic stimulus.

Chicago Federal Reserve Bank President Charles Evans on Monday called forcefully for more U.S. government spending to support the economy, saying"demand trouble is brewing" as existing relief policies expire.

 

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