Asian stocks buoyed by Wall Street gains as easing oil cools inflation fears

TOKYO, June 27 — Stocks gained in Asia today amid improved risk sentiment after Wall Street rebounded strongly at the end of last week as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.

“We’ve had a decent end to the week in the US markets and I think that’s going to be the main scene for today here in Asia,” amid a dearth of news or other new drivers, said Rob Carnell, chief economist for Asia-Pacific at ING. Both Brent and US West Texas Intermediate futures fell more than a dollar earlier. But, prices have rebounded with Brent at US$112.78 a barrel, down 34 cents, and WTI at US$107.17, down 45 cents.

“The market remains focused in the trade-off between the policy response to high inflation and fears of a hard landing,” Westpac rates strategist Damien McColough wrote in a client note.

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