Tokyo follows Wall Street higher, but most Asian markets pause after rally
Tokyo — Asian stocks steadied on Wednesday, taking a breather after the previous day’s surge and unable to keep up with a global rally spurred by gains for tech shares on Wall Street and miners in Europe. The dollar was buoyant against the euro and yen ahead of a meeting of central bankers later in the week. MSCI’s broadest index of Asia-Pacific shares outside Japan, which initially inched up to a two-week high, pulled back to stand little changed following a 0.7% rally on Tuesday. Australian stocks were down 0.4% and South Korea’s Kospi gave back earlier modest gains to stand flat. Japan’s Nikkei bucked the trend and rose 0.5%, lifted as the dollar strengthened against the yen. The Nikkei took its cues from Wall Street, where the Dow Jones industrial average rose 0.9%, the S&P 500 index climbed 1% and the Nasdaq gained 1.4% on Tuesday as technology shares rallied. European stocks had also risen overnight, supported by upbeat results from miners and a weaker euro. Financial markets ...
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