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Asian equities reach near-decade peaks
On Thursday, Asian stocks grew to their highest levels in almost a decade, spurred by a leap in global markets. Meanwhile, the Japanese yen relieved after the Bank of Japan backed expectations that it’s on the verge of keeping massive stimulus in place much longer than other key banks.
European markets were also braced for a positive start. A financial spreadbetter CMC Markets expected the UK’s FTSE 100 and France's CAC 40 to start 0.1% higher and Germany's DAX to acquire 0.2%.
Outside Japan MSCI's broadest index of Asia-Pacific equities gained 0.1%, keeping to its highest value since December 2007.
Australian equities tacked on 0.5%, South Korea's KOSPI soared 0.3%.
Chinese blue chips inched up 0.1%, the Shanghai Composite rallied 0.2%. In Hong Kong the Hang Seng edged up 0.2%.
The Japanese yen slumped 0.2% trading at 112.135 yen to the greenback, reacting to the BOJ decision. Apparently, the weaker yen assisted the Nikkei to extend profits to 0.6%.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.