Hong Kong — Asian stocks rose to one-week highs, helped by solid overnight gains on Wall Street, although investors were wary of chasing prices higher until president-elect Donald Trump picks his economic team. Oil extended gains. Crude oil climbed in Asian trading, with US West Texas Intermediate (WTI) up 1% as the dollar pulled back and the expectation of production cuts grew. Prices surged 4% to a three-week high on Monday, after comments from Russian President Vladimir Putin raised the hope that producer countries will reach a deal at a meeting next week to limit output. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.3%, pulled up by a 1.3% rally in Australian shares. Korean shares and Hong Kong stocks rose 0.9% and 1.3% each. European stocks were also expected to open higher with gains of about 0.5% expected for key markets. "Most of the flow into stocks seems to be retail-orientated with institutional investors preferring to sit out the rally unless they g...
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