Stocks rally on boost from strong global growth, earnings
Asian shares scaled a fresh decade peak on Wednesday thanks to surging markets in Europe and America, as strong global growth and rising corporate profits lured hordes of investors into equities.
MSCI`s broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> added 0.3 percent to Wednesday`s 1.3 percent rise - the biggest gain in eight months.
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 percent so far, on track for its best annual performance since a 68 percent jump in 2009.
Robust global growth, low interest rates, strong corporate profits and expectations of U.S. corporate tax cuts have boosted equities around the world.
"Emerging markets are flying and this is where traders are really generating outperformance," said Chris Weston, Melbourne-based chief markets strategist at IG.
"Asia, in particular, is looking super strong," he added. "There is a genuine chase for performance from active money managers here."
Hong Kong`s Hang Seng index <.hsi> is up 35.5 percent year-to-date while China`s CSI 300 <.csi300> has returned 27.4 percent so far in 2017.
On Wall Street, the S&P 500 <.spx> and Nasdaq <.ixic> advanced to record closing highs on Tuesday, while the Dow <.dji> set a new intra-day high.
Investors looking to eke out additional gains before the end of the year flocked to tech stocks, some fund managers said, with Apple Inc
While markets expects the Federal Reserve to hike rates next month, analysts say that is unlikely to dampen equities as financial markets remain accommodative.
The U.S. Treasury yield curve flattened to its lowest in a decade as benign inflation and hunger for yield have supported longer-dated debt. Benchmark 10-year notes
The 2-year Treasury, at 1.77 percent, is at the highest since 2008
In currencies, the U.S. dollar <.dxy> was generally on the backfoot against major rivals, falling for a second straight day on the Japanese yen
The Mexican peso
In commodities, oil extended gains after data showed a bigger-than-expected draw in inventories and copper
U.S. light crude
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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