Fri, 03 Dec 2021

Asian stocks advance while U.S. dollar takes a tumble

Lola Evans
19 Oct 2021, 16:54 GMT+10

SYDNEY, NSW, Australia - Stock markets in Asia rose on Tuesday in line with gains on other world markets overnight.

Bourses in China and Hong Kong rallied on news that two Chinese property developers paid interest due on corporate bonds.

"Asian markets have been generally following Wall Street and continuing the rebound except worries about the Chinese economy's growth are hurting that market's performance," Edison Pun, Senior Market Analyst at Saxo Markets told Reuters Tuesday.

The Nikkei 225 in Japan jumped 190.06 points or 0.65 percent to 29,215.52.

The Hang Seng in Hong Kong gained 377.46 points or 1.49 percent, to close Tuesday at 25,787.21.

China's Shanghai Composite advanced 25.02 points or 0.70 percent to 3,593.15.

The only party pooper was the Australian Securities Exchange. The All Ordinaries inched up a half-point or 0.01 percent to 7,690.20.

The U.S. dollar fell sharply despite firming yields. The euro shot up to 1.1654 around the Sydney close Tuesday. The British pound jumped to 1.3777. The Japanese yen was slightly higher at 114.11. The Swiss franc firmed to 0.9205.

The Canadian dollar strengthened to 1.2336. The Australian dollar continued its recent rally to 0.7463. The New Zealand dollar was sharply higher at 0.7135.

Overnight on Wall Street, the Nasdaq Composite rose 124.47 points or 0.84 percent to 15,021.81.

The Dow Jones index fell 36.15 points or 0.10 percent to 35,258.61.

The Standard and Poor's 500 added 15.09 points or 0.34 percent to 4,486.46.

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