Global Markets: Asian shares hit 11-week high; euro, yields rise after ECB comments
Stock market
India's broader NSE index rose to a three-week high, with private-sector lenders leading gains, a day after the central bank raised its policy rate for the first time in more than four years
Asiansharesrose to a fresh 11-week high on Thursday, supported by sound economic fundamentals, while expectations theEuropean Central Bank (ECB) may soon start to wind down its stimulus boosted theeuroandglobalbondyields.
MSCI's broadest index of Asia-Pacificsharesoutside Japan advanced 0.5 per cent to extend its gains,hitting a 2-1/2-month high for a second straight day. Japan's Nikkei average rose 0.9 per cent.
Notable gainers included technology-heavy Taiwanese stocks, with Taiwan's main index nearing the 27-year high of 11,270hiton January 23. The index has rallied 4.25 per cent since last Wednesday, boosted by the rally in tech stocks and the Nasdaq.
India's broader NSE index rose to a three-week high, with private-sector lenders leading gains, a dayafterthe central bank raised its policy rate for the first time in more than four years.
Spreadbetters expected the firmer tone in equities to carry over intoEurope, forecasting a higher open for Britain's FTSE, Germany's DAX and France's CAC.
"Quite clearly, it was theeuro's day," said Marshall Gittler, chief strategist at ACLSGlobal. "Aside from theeuro, the main theme in the market was back to risk-on."
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Theeuroheld near a two-week high while the yield on Germany's benchmark 10-year bondhitits own two-week high of 0.486 per cent on growing conviction theEuropean Central Bank would announce as early as next week its intention to end a drawn-out stimulus programme by year-end.
The 10-year USTreasury yieldhita fresh 1-1/2-week peak of 2.985 per cent.
ECBChief Economist Peter Praet said on Wednesday that robust growth made the central bank increasingly confident that inflation is on its way back to target, raising the chances it may use next week's meeting next week to reveal more about the end of its bond-buying program.
Praet'scommentssent theeuroto $1.1796, its highest level since May 22, on Wednesday. The common currency last traded up 0.1 per cent at $1.1789. The dollar index was down 0.1 per cent to 93.525.
Worries over the effects of reducedECBbond buying triggered a broad sell-off in German Bunds and otherEuropean government debt, which spilled over to Treasuries, analysts said.
Higheryieldshelped to lift S&P 500 financials, which rose 1.8 per cent and were the biggest percentage gainer among S&P 500 sectors.
"The US10 year Treasury yield rose alongside itseurozone peers overnight, while USstocks rallied, reflecting a risk-on attitude among investors," said Makoto Noji, senior FX/bond strategist at SMBC Nikko Securities.
White House economic adviser Larry Kudlow said late on Wednesday that USPresident Donald Trump would meet French President Emmanuel Macron and Canadian Prime Minister Justin Trudeau at the G7 summit this week.
Although Kudlow said Trump would not back down from the tough line he has taken on trade, the commentsappeared to calm investors.
The Dow Jones Industrial Average rose 1.4 per cent to 25,146.39, the S&P 500 gained 0.86 per cent to 2,772.35 and the Nasdaq Composite added 0.67 per cent tohitits record closing high of 7,689.24.
Oil prices rose on Thursday to shake off some of the previous session's losses, supported by plunging exports from OPEC-member Venezuela.
Brent crude futures last traded at $75.84 a barrel and USWest Texas Intermediate (WTI) crude at 65.04, rising 0.6 per cent and 0.5 per cent on the day, respectively.
Copperhita five-month high of $7,278.50 per tonne, though the gains were driven more by supply concerns in Chile than by stronger demand.
Market participants, wary of event risk, are monitoring developments ahead of the G7 summit later this week and the US-North Korea summit scheduled for next week.