Asian stocks, oil gain amid re-opening economies

05.05.2020 - Petr Mazaylo
Asian stocks, oil gain amid re-opening economies

Asian stocks gained on Tuesday, while oil prices rose amid recovering demand as governments worldwide eased lockdowns.

Brent crude traded at $28.37 per barrel, while U.S. crude stood at $21.77 per barrel. 

Australia’s ASX 200 was up 1.26%, while Hong Kong’s Hang Seng gained 0.66%.

U.S. stock futures climbed 0.75%. S&P 500 was up 0.42%, lifted by Microsoft, Amazon, and Apple.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.56%.

The positive market mood came after the governors of California and New York said they will be re-opening their economies. 

The latest optimism briefly outweighed the recent spat between U.S.’ and China’s top officials, which caused European and Asian shares to decline on Monday.

An internal Chinese report warned of worldwide hostility against Beijing over the pandemic, adding that it could destabilize relations with the United States. 

The dollar index fell 0.12% as commodity currencies surged. 

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