De asiatiske aktier er steget efter to uger med fald eller stagnation. Åragen er en stigning i råvarepriserne, især olie. Men de stigende renter i USA vækker bekymring. Vil de slå tilbage på aktierne, spørger investorer i Asien.
Asian stocks edge higher, led by rally in commodities
Asian stocks rebounded from two-week lows struck on Tuesday as rising commodity prices boosted market expectations of an improved growth outlook, a day after rising U.S. Treasury yields and inflation prospects hit U.S. tech shares.
MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.2% after dipping to 719.8, the lowest level in two weeks. The gauge has eased from last week’s record top but is still up just over 9% so far this year.
The Australian S&P/ASX 200 and Singapore’s Straits Times index both gained 0.6% and Hong Kong advanced 1.1%. The tech-laden South Korea’s Kospi was a prominent loser, down 0.3% and Taiwan eased 0.05%.
Japanese markets were closed for a public holiday.
“A higher interest rate environment forces investors to consider the opportunity costs of investments. Stocks that have significant borrowing, or produce no income for investors, may be particularly vulnerable,” said Michael McCarthy, chief market strategist at broker CMC Markets in Sydney.
On Wall Street, high-growth stocks such as Apple (AAPL), Microsoft (MSFT) and Tesla weighed on the Nasdaq Composite, which shed 2.5% on Monday.
Commodity prices again strengthened on Tuesday. Oil prices rose on a tight global supply outlook after U.S. production was hammered by frigid weather and an approaching meeting of top crude producers is expected to keep output largely in check.
Brent crude was up 2.2% at $66.7, a one-year high. Spot gold rose to a one-week high to $1,815.3 an ounce as inflation worries boosted the bullion’s appeal as a hedge.
The strength in commodities kept the Australian dollar steady at $0.79 against the U.S. dollar, just near a three-year high.
Bond yields have risen sharply this month as prospects of more U.S. fiscal stimulus boosted hopes for a faster economic recovery globally. However that is also fuelling inflation worries, prompting investors to sell growth stocks that have rallied in recent months.
“Real U.S. interest rates are now in positive territory, which has created some concern around the consequences for equities markets,” Cesar Perez Ruiz, chief investment officer at Pictet Wealth Management said in a report.