Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 7 hours, 33 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
Asian shares reach record peaks
January 04, 2018
 Print    Send to Friend

SYDNEY: Asian stocks struck a fresh decade high on Wednesday as risk appetites were whetted by a bevy of upbeat manufacturing surveys that confirmed a synchronised upturn in world growth was well under way.

Activity was especially strong in Europe, lifting bond yields there and driving the euro to within a whisker of its highest in three years against a beleaguered US dollar.

Investors also piled into emerging market trades. MSCI’s index of Asia-Pacific shares outside Japan edged up another 0.1 per cent, having jumped 1.4 per cent on Tuesday in its best performance since last March.

The index is creeping ever closer to the all-time peak of 591.50 reached in late 2007. South Korean stocks were up for the fourth session running, while Japan’s Nikkei remained closed for holidays.

Wall Street started the new year as it ended the old, scoring another set of record closing peaks. The Dow rose 0.42 per cent, while the S&P 500 gained 0.83 per cent and the Nasdaq 1.5 per cent.

Apple, Facebook, Alphabet and Microsoft pulled the technology index up 1.4 per cent, following a 37-percent surge in 2017 that made it the best-performing S&P sector.

The gains in riskier assets came as industry surveys from India to Germany to Canada showed quickening activity. “The breadth of the recovery is extraordinary,” said Deutsche Bank macro strategist Alan Ruskin, noting that of 31 countries covered, only three failed to show growth while all the largest manufacturing sectors improved.

“The global economy and risky assets are now solidly into a virtuous cycle, whereby growth is propelling risky assets like equities higher, that are then supporting growth,” he added.

“This is not a global economy in need of the extraordinary emergency style policies pursued by the likes of the ECB and Bank of Japan.”

Indeed, with eurozone factories expanding at their fastest pace in more than two decades, speculation is rampant that the European Central Bank will start to wind down its asset buying programme later this year.

Reuters

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
World markets rally despite weak US jobs report
London: Asian and European stock markets rose Friday and Wall Street pushed further into record territory despite US job creation data missing expectations. London’s ..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright