HONG KONG : Asian shares followed Wall Street higher in early trade on Tuesday as the passage of a U.S. infrastructure bill boosted sentiment while oil prices gained on the outlook for energy demand in an expansive global economy.
Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3per cent.China's blue-chip CSI300 index was 0.33per cent higher in early trade. Hong Kong's Hang Seng index opened up 0.65per cent. A 4.9per cent decline in Tesla Inc shares however weighed on the S&P 500. Tesla fell after Chief Executive Elon Musk's Twitter poll on whether he should sell about 10per cent of his stock in the electric automaker. The poll garnered more than 3.5 million votes, with 57.9per cent voting"Yes".
But a tight U.S. labour market and the dislocation in global supply chains could result in a high reading for consumer prices on Wednesday. Strong inflation likely would rekindle talk of Federal Reserve raising interest rates earlier than expected.