Asian stock markets advanced to a two-week high on Tuesday after U.S. President Donald Trump was discharged from hospital following treatment for COVID-19 and as prospects for a fresh U.S. stimulus package appeared to brighten.Trump returned to the White House on Monday after a three-night hospital stay and said he felt"real good", though one of his doctors cautioned that he may not be out of the woods yet.
As well as Trump's health,"there is also some market attention on whether the U.S. Congress will pass the extra stimulus bill," said Tai Hui, Chief Asia Market Strategist, J.P. Morgan Asset Management Australia's ASX 200 was more subdued, up 0.17%, ahead of a central bank meeting at 0330 GMT and the government's budget later in the day.Asian markets on Monday unwound most of a Friday selloff in the wake of Trump's COVID-19 diagnosis. That improvement also caused Wall Street to rally sharply overnight with energy, tech and healthcare stocks leading. The Dow rose 1.7%, the S&P 500 1.8% and the Nasdaq 2.3%.
"Improved near-term stimulus prospects and then potentially bigger deficits under a Biden presidency that has the benefit of clean sweep, are behind the yield gains here," said Ray Attrill, head of FX strategy at National Australia Bank in Sydney.
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