Tech Leads Asian Stocks Higher While Oil Drops – Asia Market Wrap

Asian and European equities futures rose following another record high on Wall Street, driven by technology stocks. Oil prices fell, as concerns about Israel bombing Iranian energy installations subsided.

MSCI’s Asia Pacific Index climbed up to 0.7% on the back of gains in the chip sector. TSM and SoftBank were two of the major contributors to the benchmark’s growth. Japan’s Nikkei 225 Stock Average Index surged back to its highest level since July. Benchmarks in Australia and Taiwan have also advanced.

Oil fell when the Washington Post reported that Israel did not intend to strike Iranian oil or nuclear infrastructure.

Shares in China and Hong Kong fell, with investors anticipating greater stimulus from the Chinese government. The country’s equity indexes rose on Monday, despite a highly anticipated Finance Ministry weekend briefing that lacked explicit new incentives to promote demand in the world’s largest petroleum importer.

Treasury rates edged lower on Tuesday after cash trading was halted for a US holiday on Monday. The Yen hovered close to 150 against the Dollar, a crucial psychological threshold for investors concerned about the risk of intervention.