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Asian stocks gain on US stimulus hope, yuan surges | Malay Mail

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TOKYO, Oct 21 — Asian shares and US stock futures rose today as renewed hopes for a new round of US stimulus drew money into equities from government debt. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.56 per cent. Australian stocks edged up by 0.1 per cent, while shares in...

The yuan surged to the strongest level against the dollar in more than two years on growing optimism about China’s economy and speculation that a victory for US Democrat presidential candidate Joe Biden next month will lead to better Sino-US ties. — Reuters pic

Benchmark US Treasury yields hit a four-month high and the yield curve steepened on expectations for more US fiscal spending, but some investors remain cautious about the chances of a deal before the US presidential election on November 3. Netflix, however, reported disappointing earnings, leading its shares to fall 6 per cent after trading hours.

The US dollar hit a one-month low against a basket of major currencies as investors awaited the outcome of the fiscal stimulus talks and as coronavirus cases spiked in Europe.

 

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