Asian stocks inch up to new highs on ‘Goldilocks economy’
Gains in equities were capped by wariness ahead of China’s Communist Party congress, while the yen is headed for its first weekly gain in four weeks
Tokyo — Asian stocks edged to a 10-year high on Friday thanks to expectations of brisk global growth, although investors held off chasing shares higher ahead of US economic data and next week’s Chinese Communist Party congress. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.15%, having gained 3.6% so far this month. Japan’s Nikkei edged up 0.2% to another 21-year high. Wall Street shares dipped slightly on Thursday, pulled down by a fall in AT&T after the telecoms company reported subscriber losses in its cable TV business. But MSCI’s broadest gauge of the world stock exchanges covering 47 markets also stood at record levels, extending its gains so far this year to 17%. China’s trade data showed both growth in exports and imports accelerated in September, with imports beating expectations, adding to the evidence of recent resilience in China’s economy. “It is hard to think the current ‘Goldilocks economy’ will suddenly change,” said Nobuyuki Kashihara, head of r...
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