ASIAN STOCKS SET TO RISE AS TECH, STIMULUS HOPES FUEL GLOBAL RALLY
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 on Monday staged its biggest one-day rally in a month, jumping 2.56%. The Dow Jones Industrial Average rose 0.88% and the S&P 500 gained 1.64%.