Asian stocks advance in commodities-inspired rally

Asian stocks advance in commodities-inspired rally

Buoyed by the rally in commodities, the Australian S&P/ASX 200 index to rose nearly 0.9%. Singapore's Straits Times index put on 0.6% and Taiwan was up 0.2%. Hong Kong .HSI advanced 1%, while the tech-laden South Korea's Kospi lost 0.3%.Japanese markets were closed for a public holiday."We are in unprecedented times, but the likelihood is that low interest rates will persist long after the world economy has shaken off the pandemic," Keith Wade, chief strategist at Schroders said in a note."For financial markets, such an outlook will intensify the search for yield and no doubt create volatility and bubbles as investors chase returns in "the zero" environment, Wade added.On Wall Street, high-growth stocks such as Apple, Microsoft 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.Analysts said markets were taking a cue from stronger commodity prices that the rise implied strong economic activity.Brent crude was up 1.1% to $66.4, holding firm near one-year highs. Spot gold also rose to