Sydney — Asian shares stepped ahead cautiously on Thursday while oil rebounded from a steep sell-off, although rising US interest rates and escalating trade tensions kept financial markets on edge amid signs of slackening global growth. MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.2% and has so far managed to hold up in November after three consecutive monthly declines. For the year, it is on track for its worst annual performance since 2011, in part due to anxiety over a weakening outlook for corporate profits and the heated China-US trade war. Japan’s Nikkei rose 0.7% while Australian shares advanced 0.6%. Overnight in Wall Street, the benchmark S&P 500 stock index ended higher but near session lows while the Dow gave up its gains to end flat ahead of the US Thanksgiving holiday in a sign of lingering bearishness. “Markets experienced a better night last night, but it is fair to say that sentiment remains fragile,” ANZ analysts said in a note to clients. ...
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