NEW YORK (Reuters) – Asian stocks were set to rise on Tuesday as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.

Shares in Apple Inc

surged 6.4% on Wall Street on Monday ahead of an expected debut of its latest iPhone on Tuesday, helping boost technology stocks, while Amazon

rallied 4.8% ahead of its Prime Day shopping event this week.

CommSec Senior Economist Ryan Felsman said a COVID-19 resurgence in Europe and the United States is partly fueling the tech rally.

“Once again, there is a desire to hold the stay-at-home types of technology stocks…which will still generate profits and will be greatly oriented to a more challenging economic environment,” Felsman said.

On Wall Street, the Nasdaq Composite <.IXIC> on Monday staged its biggest one-day rally in a month, jumping 2.56%. The Dow Jones Industrial Average <.DJI> rose 0.88% and the S&P 500 <.SPX> gained 1.64%.

The U.S. dollar was pinned near a three-week low and gold, another safe-haven asset, stayed below a three-week high, slapped by investor demand for risk. The U.S. bond market is closed on Monday for Columbus Day.

MSCI’s broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> closed 0.11% higher.

Australian S&P/ASX 200 futures

rose 1.05% in early trading. Hong Kong’s Hang Seng index futures <.HSI>

rose 0.11%.

E-mini futures for the S&P 500

rose 0.01%.

The dollar index <=USD> fell 0.078%, with the euro

unchanged at $1.1813.
=>

The pan-European STOXX 600 index <.STOXX> rose 0.72% and MSCI’s gauge of stocks across the globe <.MIWD00000PUS> gained 0.01%.

Bets that more U.S. stimulus was in the offing came despite signs that talks in Washington had stalled again, leading the Trump administration to call on Congress to pass a less ambitious coronavirus relief bill.

U.S.

By Tom Westbrook



a group of people walking down the street: FILE PHOTO: Passersby wearing protective face masks walk past a screen displaying Nikkei share average and world stock indexes, amid the coronavirus disease (COVID-19) outbreak, in Tokyo


© Reuters/ISSEI KATO
FILE PHOTO: Passersby wearing protective face masks walk past a screen displaying Nikkei share average and world stock indexes, amid the coronavirus disease (COVID-19) outbreak, in Tokyo

SINGAPORE (Reuters) – Chinese stocks led Asian markets higher on Monday as investors bet on a steady recovery for the world’s no. 2 economy, though caution about the fate of U.S. stimulus kept the dollar firm and a central bank policy tweak unwound some of the yuan’s gains.

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MSCI’s broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rose 0.8% to 2-1/2-year highs, buoyed by a 2% gain in Chinese blue chips <.csi300> and a 1.5% rise by Hong Kong’s Hang Seng index <.hsi>. Japan’s Nikkei <.n225> slipped 0.3% as investors fretted about corporate earnings. [.T]

“If capital is moving on relative growth rates, then China is looking quite attractive,” said Chris Weston, head of research brokerage Pepperstone in Melbourne. Equities are cheap, yields advantageous and the outlook solid, he said.

“From a virus perspective as well, we’re seeing concerns in Europe, while China is considered a quasi-safe haven.”

China has returned from an eight day Mid-Autumn festival with investors encouraged by a robust rebound in tourism and ebbing coronavirus cases.

Qingdao city said on Monday it will conduct COVID-19 tests for the entire population of more than 9 million people over five days after small number of new cases.

Elsewhere, in the U.S. midwest, infections are at record levels and the World Health Organization is urging fresh curbs for Europe.

Video: Potential US stimulus deal could impact global markets (ABC NEWS)

Potential US stimulus deal could impact global markets

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Coronavirus aid plans in the United States are also in disarray, with the Trump administration on Sunday calling on Congress to pass a stripped-down

TOKYO (AP) — Asian shares were mostly higher in muted trading Monday, as worries about the pandemic kept optimism in check despite a rally that closed out last week on Wall Street.

Investors growing wary over upcoming earnings reports have been cashing in recent gains, helping pull Japanese shares lower. Tokyo’s benchmark Nikkei 225 index lost 0.3% to 23,543.95. Big exporters logged some of the largest losses, with Toyota Motor Corp. falling 0.6% and Honda Motor Co. shedding 1.8%.

Japan reported core private sector machinery orders edged 0.2% higher in August, contrary to forecasts for a decline. But overall, economic indicators remain weak.

Other regional benchmarks were rising. South Korea’s Kospi gained 0.6% to 2,406.87. Australia’s S&P/ASX 200 inched up nearly 0.2% to 6,113.40. Hong Kong’s Hang Seng jumped 1.3% to 24,434.17, while the Shanghai Composite added 1.7% to 3,325.98.

“While U.S. politics remain center stage, a string of Asia releases and monetary policy meeting decisions will be watched this week,” said Jingyi Pan, senior market strategist at IG in Singapore, referring to central bank meetings in South Korea, Indonesia and Singapore.

Indicators out of China, such as trade and inflation readings also remain on investors’ minds.

Wall Street closed out its best week in three months on Friday as negotiations on Capitol Hill aimed at delivering more aid to the ailing U.S. economy encouraged investors. The S&P 500 rose 0.9% to 3,477.14, its third straight gain. The benchmark index ended the week with a 3.8% gain, its strongest rally since early July.

Signs as of late Sunday were not promising. A new White House coronavirus aid proposal got bad reviews from both ends of the political spectrum. House Speaker Nancy Pelosi rejected the most generous Trump administration plan to date as “one step forward, two steps back.” The Republicans

BEIJING (AP) — Asian stock markets followed Wall Street higher on Friday on hopes Washington will provide more aid to the struggling U.S. economy.

Benchmarks in Shanghai, Hong Kong, South Korea and Sydney advanced. Tokyo was off 0.1%.

Wall Street gained Thursday after President Donald Trump suggested he might be reversing his decision to halt talks on economic aid. Separately, a report indicated the near-record pace of U.S. job losses might be slowing.

Stock prices have been volatile since mid-September as investors swing between optimism about possible development of a coronavirus vaccine and unease that markets recovered too fast and shares are too expensive.

“The on-and-off nature of the fiscal stimulus discussion in the U.S. hardly inspires lasting confidence,” said Mizuho Bank in a report. “Uncertainty around the presidential election on 3 November will likely persist not only through to polling day but possibly after.”

The Shanghai Composite Index, resuming trading after a weeklong holiday, rose 1.9% to 3,278.83. The Nikkei 225 in Tokyo shed 0.3% to 23,574.39 while the Hang Seng in Hong Kong gained less than 0.1% to 24,216.26.

Sydney’s S&P-ASX 200 gained 0.3% to 6,122.00 and India’s Sensex opened 0.3% higher at 40,312.42. New Zealand advanced while Singapore, Bangkok and Jakarta declined.

Trump said in a TV interview that “very productive” talks had begun on more stimulus after supplemental unemployment benefits that supported consumer spending, the engine of the U.S. economy, expired.

That helped to fuel optimism that Republicans and Democrats will deliver another aid package after weeks of uncertainty.

Wall Street’s benchmark S&P 500 index rose 0.8% to 3,446.83. The Dow Jones Industrial Average gained 0.4% to 28,425.51. The Nasdaq composite picked up 0.5% to 11,420.98.

Banks, technology and communication companies accounted for much of the gains.

Energy stocks rose as the price of U.S. crude

TOKYO/NEW YORK (Reuters) – Asian shares inched close to 2-1/2-year highs on Friday as revived hopes for a U.S. stimulus deal eclipsed weaker-than-expected jobs data, while mainland Chinese markets jumped after a week-long holiday.

Traders work on the trading floor of the Philippine Stock Exchange amid the coronavirus disease (COVID-19) outbreak, in Taguig City, Metro Manila, Philippines, September 30, 2020. REUTERS/Eloisa Lopez/Files

Investors are also increasingly expecting the Democrats to take back the White House, and possibly the Senate as well, in the Nov. 3 U.S. election, analysts said.

A widening lead for Democratic Presidential candidate Joe Biden is seen as reducing the risk of a contested election and opening the way for a big economic stimulus, helping to counter investors’ wariness about a Democrat pledge to hike corporate tax rates.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.15%, inching closer to its Aug. 31 peak, which was its highest level since March 2018. China’s CSI300 index .CSI300 gained 1.68% after the Golden Week holidays.

Japan’s Nikkei .N225 dipped 0.1% after hitting a 7 1/2-month high, while futures for the S&P 500 gained 0.47%.

“Markets are starting to assume a Biden victory,” said Osamu Takashima, chief FX strategist at Citigroup Global Markets Japan.

U.S. President Donald Trump on Thursday said talks with Congress had restarted on targeted fiscal relief, after calling off negotiations earlier this week.

House of Representatives Speaker Nancy Pelosi expressed confidence about reaching an agreement on the amount of aid in new legislation.

On Wall Street, the S&P 500 .SPX gained 0.80% and the Nasdaq Composite .IXIC added 0.5%.

The S&P 500 energy index .SPNY led sector percentage gains, rising 3.8% on the day, after a jump in oil prices due to production shutdowns ahead of a storm in