Tokyo/Washington — Asian shares rose on Tuesday after strong US manufacturing data and gains in tech stocks helped investors look past broader worries about the coronavirus and global economy.
An industry gauge released overnight indicated US manufacturing activity expanded in July at the fastest pace in more than a year, which helped Wall Street shares rise on Monday. On Monday the Dow Jones Industrial Average rose 0.89%, the S&P 500 gained 0.72%, and the Nasdaq Composite advanced 1.47% to set a record closing high as investors cheered the manufacturing data. That data also caused the US treasury curve to steepen, an indication of improved investor sentiment.
The dollar held steady against its counterparts as traders awaited progress in negotiations for additional economic stimulus. US House speaker Nancy Pelosi will meet treasury secretary Steven Mnuchin and White House chief of staff Mark Meadows on Tuesday to continue talks, raising hopes for a breakthrough.