Asian stocks extend record rally while oil, dollar drift

Asian stocks extended their record climb on Tuesday, taking the baton from Wall Street where gains for oil companies and financials helped the Dow Jones Industrial Average hit an all-time peak. US big oil got a boost from the country’s military raid at the weekend that captured Venezuelan President Nicolas Maduro. Crude oil eased back after rising $1 a barrel overnight as traders assessed the possible impact on crude flows from Venezuela, home to the world’s largest oil reserves. Overall, however, the events had a limited effect on risk sentiment, with equities driven more by momentum and currencies focused on macroeconomic data. The US dollar was on the defensive ahead of monthly jobs figures on Friday. It surged to a four-week top in the prior session only to give back all of its gains by the close, after a gauge of manufacturing activity slumped to a 14-month low.