Stocks in Asia Pacific rose in Tuesday morning trade, with major markets regionally closed for holidays.
Hong Kong’s Hang Seng index, which closed more than 4% lower on Monday, rose 0.84% in early trade. The city’s government announced on Monday that Hong Kong’s economy contracted 8.9% in the first quarter as compared to a year ago — its largest decline on record since 1974.
In a statement, Hong Kong Financial Secretary Paul Chan said the “external environment is still very challenging” even though the virus situation in the city “seems to be under control.”
“Going forward in the second quarter, we believe that even if there is improvement, the improvement will be gradual and small,” Chan said.
The Reserve Bank of Australia is expected to announce its interest rate decision on Tuesday, set to be out around 12:30 p.m. HK/SIN.
Elsewhere, Singapore’s Straits Times index gained about 1%. Markets in China, Japan and South Korea are closed on Tuesday for holidays.
Overall, the MSCI Asia ex-Japan index traded 0.93% higher.
On the economic data front, Indonesia’s first-quarter GDP print is expected to be out at around 12:00 p.m. on Tuesday.
Investors also continue to watch for developments on both the global coronavirus pandemic as well as rising U.S.-China tensions.
Overnight stateside, stocks edged higher. The Dow Jones Industrial Average added 26.07 points to close at 23,749.76 while the S&P 500 rose around 0.42% to end its trading day at 2,842.74. The Nasdaq Composite climbed 1.23% to approximately 8,710.72.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 99.39 after seeing levels above 99.5 earlier.
Oil prices were higher in the morning of Asian trading hours, with international benchmark Brent crude futures up 3.68% to $28.20 per barrel. U.S. crude futures also jumped 6.08% to $21.63 per barrel.
What’s on tap for Tuesday:
- Australia: Reserve Bank of Australia interest rate decision at 12:30 p.m. HK/SIN
- Indonesia: First quarter GDP at 12:00 p.m. HK/SIN