Asian shares shimmered on Tuesday, setting the stage for world equities to extend their bull run for a 12th consecutive session, as investors banked on a rollout of coronavirus vaccines to keep the global economic recovery on track.
Meanwhile, Crude Oil prices climbed to a 13-month high as a deep freeze due to a severe snowstorm in the US not only boosted power demand but also threatened oil production in Texas. Reportedly, U.S. crude futures were trading up 1.1 percent at USD60.11 per barrel.
Asia's surging shares set the way for renewed optimism on global markets. S&P500 futures were up 0.5 percent and MSCI's all-country world index (ACWI), which has risen every day so far this month, ticked up slightly.
MSCI's broadest index of Asia-Pacific shares outside Japan shot up 0.62 percent, while Japan's Nikkei rose 1.4 percent to a 30-year high. In Hong Kong, the Hang Seng Index rose 1.4 percent to hit a 32-month high, while Australia's S&P/ASX200 gained 0.7 percent for the session. Mainland Chinese markets will remain closed for the holidays until Thursday.
The positive sentiment was also extended to Bitcoin which flirted with breaking through the USD50,000 barrier. Bitcoin was trading at USD49,323.56 in the Asian afternoon trading session, slightly below its record high of USD49,715 hit on Sunday.
Investors are looking to the minutes from the U.S. Federal Reserve's January meeting, due to be published on Wednesday, for confirmation of its commitment to maintaining its dovish policy stance over the near future. That in turn is set to keep a tab on bond yields. But some analysts say investors should keep a wary eye on bond yields.
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