Asia stocks near record highs after Wall Street surge, dollar edges back
Asian stocks were near record highs on Thursday, with a rally by Wall Street supporting bullish investor sentiment, while the dollar pulled back from three-year lows as the euro`s recent rally lost steam.
MSCI`s broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was 0.16 percent higher at 595.53, near the previous day`s record high of 595.80.
Australian stocks <.axjo> rose 0.2 percent, South Korea`s KOSPI <.ks11> added 0.6 percent and Japan`s Nikkei <.n225> climbed 0.9 percent to reach its highest level since late 1991.
U.S. stocks jumped on Wednesday and the Dow <.dji> closed above 26,000 for the first time as investors` expectations for higher earnings lifted stocks across sectors.
Optimism over prospects for sustained strong global growth and improved corporate earning shave helped share markets rally at the start of 2018.
"Events related to North Korea pose potential risks, but there are very few factors holding equities back at the moment," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.
"And bullish U.S. stocks, higher Treasury yields and signs of the euro`s recent surge running its course are all dollar-supportive factors," Ishikawa said.
The dollar index against a basket of six major currencies <.dxy> was at 90.803 after pulling back overnight from a three-year low of 90.279 set earlier in the week.
The euro was little changed at $1.2188
The dollar was steady at 111.320 yen
The Australian dollar traded at $0.7973
The two-year Treasury yield
In commodities, crude oil prices extended gains after rising the previous day ahead of the release of U.S. government data that was expected to show a ninth straight weekly drawdown in crude inventories.
U.S. crude futures
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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