(Bloomberg) — Asian stocks advanced, as the focus shifted from Middle East tensions to company earnings and economic data for insight into the direction of central bank policy.
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Benchmarks across the region recouped some of last week’s slide as traders took comfort in the absence of further escalation from Iran following Israel’s retaliatory strike. Hong Kong rallied more than 2%, with measures from Chinese authorities to bolster the city’s status as a financial hub giving an added boost.
Demand for safe havens eased, after traders last week were whipsawed by Middle East tensions as well as hawkish comments from Federal Reserve officials indicating reluctance to cut rates anytime soon. Oil and gold both fell. The dollar was weaker while the yield on 10-year US Treasury yields advanced.
“We are seeing a relief rally underway this morning as geopolitical…
