The Asian markets predict a slight upturn after the positive factors on Wall Avenue

© Reuters. FILE PHOTO: First day of trading on the Tokyo Stock Exchange

Posted by Jessica DiNapoli

NEW YORK (Reuters) – Investors in Asian markets were on the brink of profit on Wednesday after Wall Street indices rose in response to U.S. Treasury Secretary Janet Yellen’s call for a substantial tax break package in response to the COVID-19 pandemic.

“We saw positive development in Asian trade last night on Wall Street,” said Kyle Rodda, a market analyst at IG Markets, who noted that Asian markets are primarily following US economic developments.

“The profits are modest,” he added.

Australia rose more than 0.5% in the early trading day.

The global share price of MSCI rose 0.03%.

{{178 | Japan’s Ni rose 0.07%, but Hong Kong’s futures lost 0.29%.

At Yellen’s confirmation hearing on Tuesday, she said the benefits of a large stimulus package are greater than the costs of a higher debt burden.

President-elect Joe Biden, who will take office on Wednesday, tabled a $ 1.9 trillion stimulus package last week to help boost the economy and accelerate vaccine distribution.

On Wall Street, the value rose 0.38% while it rose 0.81%. Tech-Heavy gained 1.53%.

The dollar fell for a second straight session on Tuesday, with investors focusing on riskier assets.

US Treasuries fell after Yellen said during her hearing that corporate tax cuts should be rolled back in 2017.

Oil prices rose Tuesday in hopes that Biden’s proposed stimulus will boost economic performance, while gold also strengthened.

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