Market Drivers – Asian Session 20-10-2021

Markets were quiet during the Asian session on Wednesday. Asian stocks rose after positive signs from overnight gains on Wall Street as traders cheered higher US corporate earnings.

Japanese stocks rose on Wednesday, buoyed by a strong close on Wall Street, but gave up most of the gains as investors grew cautious about weak US futures and higher yields on Treasury bonds.

The Nikkei index rose 0.14 percent to close at 29,255.55 points, after rising by about 0.9 percent earlier in the session.

The broader TOPIX index rose 0.05 percent to close at 2027.67 points.

Wall Street jumped in the evening, and the biggest support was from technology and health care stocks amid strong quarterly reports.

The 10-year US Treasury yield touched a five-month high of 1.673 percent during Asian trading hours.

Oil prices fell on Wednesday after the Chinese government stepped up efforts to stem record coal prices and operate coal mines at full capacity to ease the energy shortage crisis.

Brent crude futures fell 64 cents, or 0.8 percent, to $84.44 a barrel by 0645 GMT, giving up the rise of 75 cents in the previous session, but still near their highest levels in several years.