Feb 28, 2017 01:54 AM EST
Asian shares were up early Tuesday (Feb. 28, 2017), strengthened by gains on Wall Street as investors await a closely monitored speech by US President Donald Trump.
Investment research firm Morgan Stanley Capital International's broadest index of shares in Asia-Pacific outside Japan was up 0.1 percent early Tuesday while Japan's Nikkei stock index got a tailwind from a weaker yen and rose 0.7 percent.
Stocks in the US edged up Monday, according to a Reuters article, when the Dow Jones Industrial Average closing at a record high for a 12th straight session after Trump said he would talk about tax reform and infrastructure spending in his first major policy address to Congress on Tuesday.
Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank, wasn't that impressed stating this could be like the case of his inauguration speech in which expectations were high but the president didn't come up with any concrete details.
"The market does not want a repeat of that and wants to hear some actual plans or there will be disappointment," she said.
In a televised interview on Sunday, Treasury Secretary Steven Mnuchin had said Trump would use the event to preview some elements of his sweeping tax reform plans.
According to a White House budget official, Trump will seek to boost Pentagon spending by $54 billion in his first budget proposal and cut the same amount from non-defense spending, including a large reduction in foreign aid.
The dollar added 0.1 percent to 112.80 yen, pulling away from Monday's nadir of 111.920, which was its lowest since Feb. 9. The euro has slightly edged down on the day to $1.0583.
Crude oil prices were unchanged, as expectations of higher US crude production offset reports of high compliance with OPEC's production cut agreement.
US crude was up slightly on the day at $54.08 a barrel.
The French luxury group gains full control of the 70-year-old Parisian fashion house Christian Dior in a mammoth deal worth around €12.1 billion.
UK luxury fashion retailer Burberry posts lackluster set of results for its second half following an impressive result in the third quarter, a retail analyst stated.
What seemed like a perfect hacking operation turned out to be a failure as Kaspersky has spotted a mistake on the part of the Lazarus hackers. It found a brief connection that came from North Korea - proving their identity and origin.
A lawsuit has been filed by a Democratic political consultant and Fox News contributor on Monday alleging, among others, that Roger Ailes denied her of a permanent hosting job after she turned down his sexual advances.
South African leader, Jacob Zuma, has sacked finance minister Pravin Gordhan in a move that drove the country's currency down five percent in value. The president calls for a midnight reshuffle in his Treasury members who he felt were disloyal to his political intentions.
The US president has long promoted a change on how foreign businesses should run their operations - and that is to revive American manufacturing. Uniqlo head showed he didn't like being given an ultimatum by Trump.
Cemex, one of the world's largest cement producers, has not participated in the first round of bids that is currently underway but said it is open to providing quotes to supply the raw materials for Trump's promised border wall.
Arket, which means 'sheet of paper' in Swedish, will cater to a modern-day market with products for men, women, children and the home.
Amazon was one of the leaders in keeping online purchases tax-free. As the company moves to offer faster deliveries, it expanded its distribution centers and started collecting sales tax in more states.