Business Maverick: Dollar Pressure Endures; Storm Delays Hong Kong: Markets Wrap

South Korean shares rebounded from Tuesday’s slide, while Japan traded flat and Australia climbed. S&P 500 contracts were steady after the gauge eked out a gain to close above the previous Feb. 19 all-time high. Chinese shares slipped amid a request from the Trump administration for U.S. colleges to divest them. Traders in Hong Kong are expecting the equity market to reopen later Wednesday. Treasuries ticked up.

Massive stimulus injections and a surge in technology companies have driven the rebound in American equities from a pandemic-induced selloff.case numbers in the U.S. look to be improving, as evidence grows that the peak of the flareup across Sunbelt states is over. While stimulus talks have stalled, better-than-feared economic data and corporate earnings have instilled optimism that a recovery is taking shape.

“We have a Federal Reserve that is all in, keeping rates low probably across the curve for as far as the eye can see,” Katie Nixon, chief investment officer at Northern Trust Wealth Management, said on Bloomberg TV. “That is supportive of higher valuations.”to seal a deal with Republicans and speed Covid-19 relief, then come back after the November elections with additional agenda items. Meanwhile, China denounced the U.S.’s latest moves to curb Huawei Technologies Co.

The Joint Ministerial Monitoring Committee — the panel that reviews the OPEC+ agreement — is due to meet on Wednesday.China’s loan prime rate is due Thursday.Futures on the S&P 500 gained 0.1% as of 11:27 a.m. in Tokyo. The index rose 0.2% on Tuesday.Australia’s S&P/ASX 200 Index gained 0.9%.The euro bought $1.1937, up 0.1%.The offshore yuan traded at 6.9104 per dollar, down 0.1%.CommoditiesGold was at $1,994.22 an ounce, down 0.4%.

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