FTSE 100 LIVE: Asian stocks rise as oil extends gains over hope for fuel demand

FTSE 100 LIVE: Asian stocks rise as oil extends gains over hope for fuel demand

Brent crude rose 4.3 percent to $28.37 a barrel, up for a sixth straight day, and US crude rose $1.38 to $21.77 a barrel, as countries began loosening coronavirus restrictions and crude supply cuts took effect. “The market continues to price in the idea that things are improving,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. In reduced trade, with China, Japan and South Korea on holiday, Australia’s ASX 200 rose 1.26 percent and Hong Kong’s Hang Seng climbed 0.66 percent. US stock futures rose 0.75 percent.

The rally followed late US gains with the S&P 500 ending up 0.42 percent, driven by technology names including Microsoft, Apple and Amazon.

Their strength overcame drops in airline shares of between 5 to 8 percent after legendary investor Warren Buffett said his Berkshire Hathaway had sold its carrier holdings.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.56 percent.

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7.46am update: Jewellery firm Pandora sees profits fall

Jewellery maker Pandora reported a 41 percent decline in first-quarter operation profits today.

But the firm said it was encouraged by higher online sales and the reopening of stores in Germany and some other countries.

Some 90 percent of its 2,746 stores were shut during the quarter due to the coronavirus lockdowns, the Copenhagen-based company said

7.05am update: Hong Kong shares rise

The Hang Song index rose 0.5 percent to 23,742.13 points, having lost more than 4 percent on Monday as US-China tensions eased.

The Hang Seng China Enterprises index gained 0.4 percent on Tuesday.

The sub-index of the Hang Seng tracking energy shares rose 1.1 percent, the IT sector gained 0.8 percent, the financial sector was 0.1 precent higher and the property sector edged up 0.5 percent.

5.49am update: Massive US stock bounce fuels doubts

Investors are treating the US equity market’s blistering rally with a dose of caution, socking away cash, staying on the sidelines or buying insurance against a reversal even as markets scream higher in the midst of the coronavirus pandemic.

Fund managers and corporations have deployed over $1.1 trillion into money markets.

The S&P 500 mounted a nearly 30 percent bounce from its March lows. Assets in such funds grew to a record $4.73 trillion in April.

Published at Tue, 05 May 2020 04:39:00 +0000