GLOBAL MARKETS-Asian stocks set to track upbeat Wall Street despite rising infections

By Jessica DiNapoli
NEW YORK, June 22 (Reuters) - Asian stocks were set to edge
up on Tuesday after oil prices rose and technology firms pushed
Wall Street higher, although investors remained worried about
fresh coronavirus outbreaks across the globe.
New infections spiked in Latin America, in Brazil in
particular, while New York City, the epicenter of the U.S.
outbreak, eased restrictions after 100 days of lockdown.
"We're looking for a modestly positive day," said Michael
McCarthy, chief markets strategist at CMC Markets. "Markets look
frothy based on a V-shaped recovery."
McCarthy added that data on manufacturing will impact the
markets in the day ahead, adding that the data may be much worse
than expected.
Australian S&P/ASX 200 futures YAPcm1 rose 0.58% in early
trading. Japan's Nikkei 225 futures JNIc1 added 1.34% and Hong
Kong's Hang Seng index futures .HSI HSIc1 were up 0.80%.
In a sign there was still some demand for safe havens, spot
gold XAU= added 0.1% to $1,755.53 an ounce.
"Global financial markets began the week slowly as investors
and businesses focus on (the end of the quarter) in what has
inevitably been the worst quarter for economic growth since
World War II," ANZ Research said in a note. "If nothing else,
expect volatility."
On Wall Street, the Dow Jones Industrial Average .DJI rose
0.59%, the S&P 500 .SPX gained 0.65% and the tech-heavy Nasdaq
Composite .IXIC added 1.11% to set a record closing high.
The firmer sentiment helped riskier currencies such as the
Australian dollar push higher, even as investors saw signs of
rising coronavirus outbreaks. The dollar index USD= fell
0.77%, with the euro EUR= up 0.13% to $1.1273. The Australian
dollar rose 0.33% versus the greenback at $0.693.
U.S. crude CLc1 rose 0.88% to $41.09 per barrel and Brent
LCOc1 was at $43.02, up 1.97% on the day. Tighter supply from
major producers led to the rise.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 0.34%.
Outside of New York, other U.S. states saw rising
coronavirus cases. In a research note, Commonwealth Bank of Australia (CBA)
said a second wave of infections in the U.S. would "elicit a
different response to the first wave."
"Daily US consumer spending continues to track higher
despite the pick-up in infections," according to the CBA
note. "This is evidence that businesses are reopening and
consumers are venturing outside to shop."
Credit rating agency Moody's warned that the stimulus
measures would leave advanced economies with much higher debt
than they accumulated during the last financial crisis.
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