Hong Kong — Asian stocks extended gains for a fifth consecutive day on Wednesday as Wall Street hit new peaks while the euro consolidated recent gains as the immediate concern of political uncertainty in the eurozone receded. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1%, hovering near their highest since June 2015. Early Asian stock markets such as New Zealand and South Korea were key gainers. A strong finish to US markets was the main driver. The Nasdaq Composite hit a record high on Tuesday, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America. Fanning the market’s rally were reports that President Donald Trump’s tax reform proposals, due to be announced on Wednesday, would include a slashing of the corporate tax rate and lower taxes on offshore earnings stockpiled by US companies overseas. In currency markets, the euro built on strong gains posted this week after business-friendly centrist Em...
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