Asian stocks edge higher, led by rally in commodities

SourceZawya
SectorFinancial Markets
CountryMiddle east

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, 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.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...read more...