Asian shares rise as US interest rates ease and China up yuan defence
Tokyo — Asian shares recovered to four-week highs on Friday as a surge in the dollar and its borrowing costs sparked by Donald Trump’s election eased, with the US 10-year yield slipping to one-month lows. The US dollar stayed near three-week lows against a basket of currencies though it bounced back a tad as the Chinese yuan gave up some of its massive gains made during the previous two days following Friday’s midpoint fixing by China’s central bank. "The market appears to be on risk-on mode. It could be because of stabilising US yields. It could be signs of stability in Europe, or a recovery in oil. Anything that has been battered by higher US rates is coming back," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management. MSCI’s gauge of the world’s stock markets hit its highest levels in a year and a half, having risen 1.8% since the start of year, helped by this week’s generally upbeat economic indicators in the US and China. In Asia, MSCI’s ex-Japan Asia-Pa...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.