Asian shares hit decade highs after Wall Street ekes out fresh records
Sydney — Asian shares jumped to the highest in a decade on Wednesday as Wall Street scaled fresh record highs, while the dollar loitered near two-week lows on concern that President Donald Trump’s tax plan could stall. The euro traded near a 10-day peak after Catalonia’s leader suspended plans to leave Spain, easing near-term concern about eurozone stability. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.5% to 546.38, a level not seen since December 2007. Australian stocks jumped to month-and-a-half highs while South Korea’s Kospi added 0.6% to within a whisker of record peaks. Japan’s Nikkei edged closer to a 21-month top, even as scandal-hit Kobe Steel extended losses. Sentiment was boosted after the International Monetary Fund upgraded its global economic growth forecast for 2017 and 2018, driven by a pickup in trade, investment, and consumer confidence. "A risk-on mood has set in and money is flowing out of bond funds into equities funds," said Hugh Dive, ...
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.