FTSE 100 LIVE: Asian stocks rise as oil extends gains over hope for fuel demand
Brent crude rose 4.3 percent to $28.37 a barrel, up for a sixth straight day, and US crude rose $1.38 to $21.77 a barrel, as countries began loosening coronavirus restrictions and crude supply cuts took effect. “The market continues to price in the idea that things are improving,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. In reduced trade, with China, Japan and South Korea on holiday, Australia’s ASX 200 rose 1.26 percent and Hong Kong’s Hang Seng climbed 0.66 percent. US stock futures rose 0.75 percent.
The rally followed late US gains with the S&P 500 ending up 0.42 percent, driven by technology names including Microsoft, Apple and Amazon.
Their strength overcame drops in airline shares of between 5 to 8 percent after legendary investor Warren Buffett said his Berkshire Hathaway had sold its carrier holdings.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.56 percent.
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5.49am update: Massive US stock bounce fuels doubts
Investors are treating the US equity market’s blistering rally with a dose of caution, socking away cash, staying on the sidelines or buying insurance against a reversal even as markets scream higher in the midst of the coronavirus pandemic.
Fund managers and corporations have deployed over $1.1 trillion into money markets.
The S&P 500 mounted a nearly 30 percent bounce from its March lows. Assets in such funds grew to a record $4.73 trillion in April.
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