Traders on the floor of the New York Stock Exchange in New York City, the US. Picture: AFP/DREW ANGERERAsian shares extended their gains on Tuesday as hopes for stimulus in major economies tempered anxiety about a global recession, boosting riskier assets and drawing money from safe havens such as bonds and gold.
Oil futures were also down in a tentative sign that worries about an attack at a Saudi oil field over the weekend have eased, but some traders were nervously monitoring an Iranian tanker at the centre of a clash between Tehran and Washington. Senior White House officials are discussing a temporary payroll tax cut to boost the economy, the Washington Post reported on Monday.
“China is prepared to do a lot for its economy. I hope to hear more about fiscal spending in Germany. Central banks have no choice but to ease. The remaining question is what comes from fiscal policy,” Kichikawa said. Chinese shares initially fell at the open but recovered to trade up 0.19%. Stocks in Hong Kong also rose 0.15%, erasing an earlier loss.
Markets overwhelmingly expect the Fed to cut rates again at its September 17-18 policy meeting from the current 2.00%-2.25%. The Fed cut rates in July for the first time in a decade to mitigate the effects of the US-China trade row and a global slowdown.
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