Precise Investors Editorial Team
MSCI’s broadest index of Asia-Pacific shares jumped 0.4% to its highest-ever level, driven primarily by gains for Japanese stocks, with the Topix index climbing 1.3% to a record high
Asian stocks extended their record jump on Tuesday. Crude oil pulled back after adding $1 a barrel overnight as traders assessed the possible impact on crude flows from Venezuela, home to the world’s largest oil reserves.
Overall, however, the recent events in Venezuela had a limited effect on risk sentiment, with equities driven more by momentum and currencies focused on macroeconomic data.
Precious metals hovered not far from all-time highs, while copper set a record.
MSCI’s broadest index of Asia-Pacific shares jumped 0.4% to its highest-ever level, driven primarily by gains for Japanese stocks, with the Topix index climbing 1.3% to a record high.
Hang Seng rose 0.7%, mainland Chinese blue chips added 0.3% and Australia’s stock benchmark advanced 1%. KOSPI shed 0.4% from record-high levels hit on Monday.
In the US, S&P 500 futures tacked on 0.1% following a 0.6% increase in the cash index overnight. Chevron jumped more than 5%.
The US dollar was steady ahead of monthly jobs figures on Friday. The dollar was flat at 156.47 yen and also little changed at $1.1724 per euro. Sterling bought $1.3539.
Brent crude futures shed 19 cents to $61.57 a barrel in the latest session. US West Texas Intermediate crude dropped 22 cents to $58.10.
Gold was flat at around $4,449 an ounce after a 2.7% jump on Monday. It sits less than $100 from its record high last month at $4,548.92.
Copper prices rose to record highs in London and Shanghai as concerns about supplies intensified following a strike at a Chilean mine. US Comex copper hit an all-time high on Monday.
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