Asian shares rose to near two-year highs

Growing optimism seen as concerns ease

  

Asian shares rose to near two-year highs on Tuesday as growing optimism over tech industry earnings and easing concerns over North Korea offset softer-than-expected factory readings in China and the United States.MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 percent to its highest level since June 2015, as many of the region's markets reopened after a long holiday weekend.

Most Gulf stock markets rose on Monday, with shares in healthcare and education investment company Amanat Holdings accounting for more than 40 percent of Dubai's market volume with a 4.5 percent rise.

Oil prices edged down on Tuesday, as a recovery in Libyan output and rising U.S. supplies raised worries that OPEC-led production cuts may not significantly tighten a bloated market.

The dollar hit a one-month high against the yen on Tuesday, lifted by Treasury yields which surged after U.S. Treasury Secretary Steven Mnuchin commented on the possibility of ultra long-term bond issuance.

Gold was steady on Tuesday after falling nearly one percent to a three-week low in the previous session as equities and the dollar climbed, while worries over North Korea eased.

In the latest news, Egypt's central bank will hold its next monetary policy committee meeting on interest rates on May 21, three days later than scheduled, it said in a statement.

Saudi Arabia has cut the June price for its Arab Light crude oil grade for Asian customers by $0.40 a barrel compared with May, to a discount of $0.85 a barrel to the Oman/Dubai average, Saudi Aramco said on Monday, in-line with market expectations.

For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.