Asian equities scale fresh peaks, pushed higher by global growth and corporate profits
Sydney — Asian shares joined a global rally and scaled a fresh decade peak on Wednesday, as strong world growth and rising corporate profits lured hordes of investors into equities, while oil prices jumped on expectations of a production cut. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.6% to Wednesday’s 1.3% rise — the biggest gain in eight months, supported by energy and technology sectors. The index has been on an uptrend most of this year, posting a monthly loss only once in 2017. For the year, it is up about 33% so far, on track for its best annual performance since a 68% jump in 2009. Japan’s Nikkei was up 0.8% on Wednesday and South Korea’s KOSPI climbed 0.4%. Australia’s benchmark S&P/ASX 200 index inched higher towards critical chart level of 6,000 points. A strengthening global economy this year has fed an insatiable appetite for equities, with Asia’s trade-dependent nations enjoying robust overseas sales in a boon to corporate earnings. "Emerging mar...
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