GLOBAL MARKETS-Asian markets set for modest upswing after gains on Wall Street

By Jessica DiNapoli
NEW YORK, Jan 19 (Reuters) - Investors in Asian markets were
poised for gains on Wednesday after Wall Street indexes rose on
the back of U.S. Treasury Secretary nominee Janet Yellen's push
for a sizable fiscal relief package in response to the COVID-19
pandemic.
"We've sort of seen a positivity evident last night in Wall
Street already in Asian trade on Tuesday," said Kyle Rodda, a
markets analyst at IG Markets, who noted Asian markets are
following U.S. stimulus developments more than anything else.
"The gains are modest," he added.
Australia's ASX 200 .AXJO rose more than 0.5% in early
trade Wednesday.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 0.03%.
Japan's Nikkei 225 futures NKc1 added 0.07%, but Hong
Kong's Hang Seng index futures .HSI HSIc1 lost 0.29%.
At Yellen's confirmation hearing on Tuesday, she said the
benefits of a big stimulus package are greater than the expenses
of a higher debt burden. President-elect Joe Biden, who will be sworn into office on
Wednesday, last week laid out a $1.9 trillion stimulus package
proposal to boost the economy and speed up the distribution of
vaccines.
On Wall Street, the Dow Jones Industrial Average .DJI rose
0.38%, while the S&P 500 .SPX gained 0.81%. The tech-heavy
Nasdaq Composite .IXIC added 1.53%.
The dollar dropped for a second straight session on Tuesday
with investors turning their focus to riskier assets.
U.S. treasuries fell after Yellen said during her hearing
that 2017 tax cuts for corporations should be rolled back.
Oil prices rose on Tuesday on hopes that Biden's proposed
stimulus will lift economic output, while gold also firmed.
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Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
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MSCI All Country World Index Market Cap http://tmsnrt.rs/2EmTD6j
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