Asian stocks and U.S. futures rose Tuesday with investors weighing the pace of growth as economies reopen against a pick-up in virus cases in the region. The dollar dipped.
Taiwan outperformed, jumping as much as 5.2%, as the financial stabilization fund said it was monitoring stocks after the worst rout in more than a year and data showed foreign investors had continued buying during the selloff. Japan and Hong Kong paced gains in a gauge of the region’s stocks. Earlier, technology and communication services stocks led U.S. stocks lower as volatility ticked up. Treasuries were stable after retreating.
Oil was up marginally and near a two-year high amid optimism around a demand recovery in regions such as the U.S., even as coronavirus flares up in parts of Asia.
Investors this week will parse the minutes from the Federal Open Market Committee’s latest meeting for any discussion about accelerating price pressures, and hints of a timeline for reducing asset purchases. Federal Reserve Vice Chair Richard Clarida said during a webinar that the weaker-than-expected April payroll report shows “we have not made substantial further progress” on the central bank’s goals for employment and inflation laid out as thresholds to begin scaling back the central bank’s massive monthly bond purchases.