Asian equities extend gains in wake of Wall Street records
Strong global growth is keeping bourses buoyed, while the dollar is benefiting from easing trade fear
Tokyo — Asian stocks extended gains on Friday after Wall Street’s S&P 500 set a new record high. In currency markets, the dollar slipped as investors viewed Beijing’s and Washington’s fresh exchange of import tariffs as less harmful than initially feared. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2% in early trade, extending the recovery from its 14-month low hit on September 12 to 3.6%. Japan’s Nikkei rose 0.5%, hitting an eight-month high. On Wall Street, trade-sensitive industrial stocks led the gains on Thursday. The Dow Jones industrial average rose 0.95% while the S&P 500 gained 0.78%, both hitting record highs. The latest rally comes after new that US and Chinese tariffs on each other’s goods were set at lower rates this week than previously expected, raising hope that hostilities between the world’s two largest economies may be easing. Despite the trade risks, the outlook on corporate profit remained solid in many markets due to strong global growth, ...
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.