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Asia equities rise after tax reform optimism backs Wall Street
On Friday, Asian shares grew after optimism over American tax reform plans raised Wall Street equities to fresh maximums, and the US currency hovered near a seven-week high because new indicators pointed to firm economic surge.
MSCI's index of Asia-Pacific equities MIAPJ0000PUS tacked on 0.3%, braced for a 1.6% profit on the week.
Japan's Nikkei N225 soared 0.25% having set a fresh two-year maximum. Meanwhile, Australian shares AXJO rallied 0.8%, South Korea's KOSPI added 0.9%.
As a matter of fact, on Thursday, the S&P 500 reported its sixth straight record maximum, which is its longest winning streak since 1997 because market participants appreciated prospects for a tax overhaul with Congress getting closer to an anticipated agreement on a budget resolution.
The latest uptick in American economic optimism raised Treasury yields and also helped take the US dollar index versus a basket of key counterparts to the seven-week maximum.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.