LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Asian markets rally despite US inflation spike, dollar on defensive

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Asian markets rally despite US inflation spike, dollar on defensive
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 percent. Image source: Reuters
Written By: Reuters
Updated: Thu, Feb 15, 2018
08:07 am
Reuters
RELATED NEWS
SBI Share Price: Investors Alert! Maximise your profit, market experts have this advice for you SBI Share Price: Investors Alert! Maximise your profit, market experts have this advice for you
FIIs in 'PANIC buying' mode on Wednesday, Anil Singhvi says; calls it positive, expects some short covering on Thursday FIIs in 'PANIC buying' mode on Wednesday, Anil Singhvi says; calls it positive, expects some short covering on Thursday
IRCTC Share Price: This Multibagger stock soars to near life-time highs! You can make money from it too, check what experts said IRCTC Share Price: This Multibagger stock soars to near life-time highs! You can make money from it too, check what experts said
Anil Singhvi’s Strategy March 4: Day support zone on Nifty is 15,000-15,065 & Bank Nifty is 35,750-35,850 Anil Singhvi’s Strategy March 4: Day support zone on Nifty is 15,000-15,065 & Bank Nifty is 35,750-35,850
Stocks in Focus on March 4: MTAR IPO, IRCON, Adani Ports, IB Housing to Deepak Nitrite; here are the 5 Newsmakers of the Day Stocks in Focus on March 4: MTAR IPO, IRCON, Adani Ports, IB Housing to Deepak Nitrite; here are the 5 Newsmakers of the Day

Asian stocks gained on Thursday after Wall Street brushed aside strong U.S. inflation data and surged, a counterintuitive move that also saw the dollar pinned at two-week lows even as Treasury yields jumped in anticipation of a quicker pace of U.S. interest rate hikes.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 percent.

Australian stocks climbed 0.8 percent and South Korea's KOSPI advanced 1.1 percent. Japan's Nikkei jumped 1.1 percent following three successive days of losses that took it to a four-month low the previous day.

Wall Street surged on Wednesday, with the Dow up 1 percent and the S&P 500 .SPX climbing 1.34 percent, as investors shrugged off the stronger-than-expected inflation data and snapped up shares of Facebook, Amazon.com and Apple.

U.S. consumer prices rose more than expected in January as Americans paid more for gasoline, rental accommodation and healthcare, further raising inflation concerns and the prospect of the Federal Reserve hiking interest rates more than initially expected.

That drove U.S. Treasury yields on most maturities higher on Wednesday, with those on benchmark 10-year notes hitting a four-year high.

The dollar index against a basket of currencies was slightly lower at 88.980 after losing more than 0.6 percent overnight despite the strong inflation number. The recovery in broader risk sentiment was seen weighing on the dollar, which had gained during the market turmoil earlier in the month.

The U.S. currency has been buffeted by a variety of setbacks this year, including from prospects Washington might pursue a weak dollar strategy to the perceived erosion of its yield advantage as other countries part with easier monetary policy. Concerns about the growing U.S. fiscal deficit have also weighed on the greenback.

The dollar stretched overnight losses against the Japanese yen to touch a 15-month low of 106.420, having declined more than 2 percent so far this week and causing the Nikkei to underperform its global peers.

“Japanese stocks could act as drag to their regional counterparts if the stronger yen hampers its performance. In that respect the strong yen could be seen as a factor preventing the stabilization in global markets,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo.

The euro extended gains to reach a 10-day high of $1.2467 after surging 0.8 percent the previous day.

The South African rand traded at 11.71 per dollar after surging to a 2-1/2-year high of 11.66 overnight after the country's ruling African National Congress (ANC) said it would proceed with a vote to remove President Jacob Zuma from office.

The Australian dollar was steady at $0.7929 after rallying 0.85 percent the previous day.

In commodities, U.S. crude futures CLc1 were up 0.35 percent at $60.82 per barrel after prices surged the previous day as U.S. crude stocks rose less than expected and Saudi Energy Minister Khalid al-Falih said major oil producers would prefer tighter markets than end supply cuts too early.

Crude also benefited from the dollar’s weakness. Oil tends to move inversely to the dollar, and has also of late been trading in tandem with stocks.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Marketsasian marketsWall Streetstrong US inflationNikkeiChina holiday
RELATED NEWS
SBI Share Price: Investors Alert! Maximise your profit, market experts have this advice for you SBI Share Price: Investors Alert! Maximise your profit, market experts have this advice for you
FIIs in 'PANIC buying' mode on Wednesday, Anil Singhvi says; calls it positive, expects some short covering on Thursday FIIs in 'PANIC buying' mode on Wednesday, Anil Singhvi says; calls it positive, expects some short covering on Thursday
IRCTC Share Price: This Multibagger stock soars to near life-time highs! You can make money from it too, check what experts said IRCTC Share Price: This Multibagger stock soars to near life-time highs! You can make money from it too, check what experts said
Anil Singhvi’s Strategy March 4: Day support zone on Nifty is 15,000-15,065 & Bank Nifty is 35,750-35,850 Anil Singhvi’s Strategy March 4: Day support zone on Nifty is 15,000-15,065 & Bank Nifty is 35,750-35,850
Stocks in Focus on March 4: MTAR IPO, IRCON, Adani Ports, IB Housing to Deepak Nitrite; here are the 5 Newsmakers of the Day Stocks in Focus on March 4: MTAR IPO, IRCON, Adani Ports, IB Housing to Deepak Nitrite; here are the 5 Newsmakers of the Day

LATEST NEWS

EPFO interest rate today: Retirement fund body likely to make announcement on EPF deposits' interest rate for FY 21

Gold Price Today 4-03-2021 – MCX Gold opens in red, falls by Rs 735 since Wednesday; cheaper by Rs 5203 in 2021

HPCL Recruitment 2021: Salary CTC up to Rs 33.95 lakhs - PDF download, Syllabus, Apply Online, Without/Through GATE, Exam Date, Age Limit and more

LPG price rising, but gas cylinder booking becomes easier; customers can order refill from three dealers at the same time soon

Anil Singhvi’s Strategy March 4: Day support zone on Nifty is 15,000-15,065 & Bank Nifty is 35,750-35,850

Stocks to buy with Anil Singhvi: Sandeep Jain recommends VST Tillers Tractors today

Govt brings insurance brokers within ombudsman ambit

Vaani Kapoor: Want to build something in health and nutrition space

Platform ticket price raised from Rs 10 to Rs 50 at these stations, check the list

CBSE Board Exam 2021: Class 10 class 12 students don't miss this latest update: Check dates, grading system here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved