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Asian indices climb after S&P 500 high as investors look past virus trends

US equity futures edged up after the S&P 500 closed above 4,000 for the first time

Asian markets | S&P 500

Cormac Mullen | Bloomberg 

Brexit, Asian markets

Asian indices climbed on Friday after US shares reached a record on optimism surrounding a stimulus-fueled economic recovery.

Equity trading volumes were below average because of holidays across the region.

South Korean stocks led regional gains, aided by chipmakers, following a report that the US plans to meet with semiconductor and auto firms to discuss the global microprocessor shortage. Japan rose and China fluctuated.

US equity futures edged up after the closed above 4,000 for the first time.

Treasuries rebounded after the worst quarter in decades, with 10-year yields falling back below 1.7 per cent. The dollar retreated.

Oil climbed after the OPEC+ alliance agreed to boost output gradually. In Asia, including Australia, Hong Kong, Singapore and India are shut for holidays, as are many worldwide. Investors are cheering increasing signs of strength in the US economy.

Investors for now are looking past worsening virus trends, such as Chile’s move to close its borders for April and a lockdown in France. They remain focused on inflation risk amid the economic rebound.

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First Published: Fri, April 02 2021. 23:38 IST