Asian stocks hold strong in upbeat start to 2022
MSCI's gauge of Asia Pacific stocks outside Japan advanced 0.4%
Asian stocks were largely on the front foot on Tuesday following Wall Street's record highs on its first trading day of 2022, despite worries that the widespread Omicron Covid-19 variant could put the brakes on global economic recovery.
Europe and US also look poised to open up yet again with FTSE futures gaining 0.98% and E-mini futures for the S&P 500 index 0.24% higher.
Australia's S&P/ASX 200 closed 2.01% higher with its metals and mining stocks hitting a 4-month peak. Japan's Nikkei 225 also widened morning gains to rise 1.78%.
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MSCI's gauge of Asia Pacific stocks outside Japan advanced 0.4%.
"As we start 2022, markets seem to have retained memories of 2021 and put Omicron in the backdrop with focus on Fed rate hikes leading to higher UST yields and underpinning USD strength alongside continued buoyancy in equities," said Mizuho Bank in a Tuesday note.
