Asia stocks track US higher, oil loses gains
Asian stocks followed their U.S. peers higher amid progress on vaccine distribution and an end to some restrictions for banks. Oil reversed its rally.
Shares opened higher in Japan and gains across the region lifted MSCI Inc.’s Asia Pacific gauge. U.S. contracts climbed after modest gains in the S&P 500 Index and a rally in small-cap stocks, as President Joe Biden doubled his target for administering Covid-19 vaccines. Banks extended gains in after-hours trading as the Federal Reserve announced firms that clear stress tests can raise dividends after June 30.
U.S. 10-year yields rose slightly after another lackluster auction of seven-year notes. The reaction was muted compared with the upheaval in bonds and interest-rate sensitive stocks following poor demand at last month’s sale. The U.S. dollar headed for its best week in three.
