· Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recession. Equities also got a boost after the U.S. agreed to extend a temporary reprieve to Chinese telecom giant Huawei.
The Dow Jones Industrial Average closed 249.78 points higher, or 1%, at 26,135.79. The S&P 500 gained 1.2% to close at 2,923.65 as the energy and tech sectors outperformed. The Nasdaq Composite advanced 1.4% to end the day at 8,002.81.
These gains add to a rebound that started last week after the Dow posted its worst session of 2019. The 30-stock index plummeted 800 points, or 3.1% on Wednesday before regaining some of the lost ground on Thursday and Friday.
· European stocks rose on Monday as hopes emerged for stimulus from central banks and fiscal measures from major economies such as China and Germany.
The pan-European Stoxx 600 closed provisionally up more than 1%, with basic resources surging over 2%. All sectors and most major bourses were in positive territory.
· Stocks in Asia edged higher Tuesday morning as investors await the release of minutes from the Reserve Bank of Australia’s July meeting. The People’s Bank of China is also set to publish its new loan prime rates under a new mechanism.
In Japan, the Nikkei 225 rose 0.21% in early trade, while the Topix index added 0.31%. Australia’s S&P/ASX 200 gained 0.39% as most of the sectors traded higher. Over in South Korea, the Kospi advanced0.12%.
Overall, the MSCI Asia ex-Japan index traded 0.04% higher.
Meanwhile, investors await the release of the Reserve Bank of Australia’s July meeting minutes on Tuesday for more clues on where the central bank could move next on interest rates.
Reference: CNBC
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