HONG KONG/NEW YORK: Asian stocks rose on Tuesday, tracking a late Wall Street rally as governments eased coronavirus lockdowns while oil extended gains on expectations fuel demand would begin to pick up.
Michael McCarthy, chief market strategist at CMC markets, cautioned against reading too much into the day's moves in Asia, with few meaningful leads for investors. Brent crude rose 4per cent to US$28.30 a barrel, up for a sixth straight day, and U.S. crude rose 6.03per cent to US$21.60 a barrel, as countries began loosening coronavirus restrictions and crude supply cuts took effect.
The optimism about an economic recovery from the coronavirus outbreak outweighed, at least briefly, the latest war of words between China and the United States, which had dragged down Asian and European shares on Monday.