Asia-Pacific stocks rise following overnight gains on Wall Street; RBA rate decision ahead

• Overnight stateside, the Dow Jones Industrial Average soared about 600 points while the S&P 500 gained more than 2% on the day.
• The Reserve Bank of Australia is set to announce its interest rate decision at around 11:30 a.m. HK/SIN on Tuesday.

SINGAPORE — Stocks in Asia-Pacific traded higher on Tuesday morning following strong gains overnight for shares on Wall Street.

South Korea's Kospi surged 2.61%, following its return from a Monday holiday. In Japan, the Nikkei 225 gained 0.71% while the Topix index advanced 0.33%.

Meanwhile, shares in Australia rose as the S&P/ASX 200 gained 0.75%. The Reserve Bank of Australia is set to announce its interest rate decision at around 11:30 a.m. HK/SIN on Tuesday.

MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.55% higher.

Wall Street surge

Overnight stateside, the Dow Jones Industrial Average soared 603.14 points to close at 31,535.51 while the S&P 500 advanced 2.38% to finish its trading day at 3,901.82. The Nasdaq Composite jumped 3.01% to close at 13,588.83.

The moves came as the benchmark 10-year U.S. Treasury note yield declined, following a surge last week. The yield on the 10-year was last at 1.4255%.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 91.039 as it largely held on to gains from late February when it rose from levels below 90.

The Japanese yen traded at 106.83 per dollar, still weaker than levels below 105.7 against the greenback seen last week. The Australian dollar changed hands at $0.7772 following levels below $0.774 seen yesterday.

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