Stocks in Asia recovered some of their recent losses as traders put on hold concerns about U.S. tax reforms and European political issues in a holiday-shortened week in America. Treasuries were little changed after slipping on Monday. Equities headed higher across Asia, with shares in Tokyo and Hong Kong outperforming. The Australian dollar dropped to a five-month low after suggestions from the central bank that interest rates will stay lower for longer.
The dollar was little changed from the previous session when it rose for the first time in five days. Gold held on to its biggest drop since September after the dollar’s gains sent precious metal prices including silver and platinum lower. Oil recouped losses to head back toward a two-year high. The gains offer some relief after global equities fell from record highs for five.