Asian stocks advanced on Wednesday as U.S. Treasury yields retreated and progress in U.S. stimulus talks underpinned optimism about the global economy.
Chinese stocks posted strong gains after the latest survey from Caixin showed the services sector in the country continued to expand in February, albeit at a slower pace, with a services PMI score of 51.5. That’s down from 52.0 in January.
Hong Kong’s Hang Seng index led gains among the region’s major markets, jumping 2.7%.. In Japan, the Nikkei 225 and Topix closed 0.51% higher. Elsewhere, the S&P/ASX 200 in Australia edged 0.8% higher.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.788 — off levels above 91 seen earlier in the week. Cryptocurrency bitcoin erased early losses and rose 0.96% to $48,979. The digital asset is up 69% so far this year as it gains more acceptance in mainstream financial circles.
Oil prices bounced slightly from a two-week low overnight on expectations that OPEC+ producers will ease supply curbs at their meeting later this week as economies start to recover from the coronavirus crisis.