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Asian stocks reach two-year peak after Fed hints at gradual tightening
On Thursday, Asian stocks hit two-year peaks, while the evergreen buck and American bond yields dipped after the Fed signaled a cautious approach to future rate lifts as well as the reduction of its $4.5 trillion of bond holdings.
MSCI's broadest index of Asia-Pacific stocks soared 0.7%, reaching its highest value since June 2015, and also bringing its revenues to 17% so far in 2017.
The revenues were led by South Korean stocks that inched up 1%, reaching record peaks. In Hong Kong, the Hang Seng tacked on 0.8%, getting to its highest level since July 2015. Meanwhile, Taiwanese stocks conquered 17-year peaks.
Japan’s Nikkei leapt 0.4%.
As for mainland Chinese stocks that were unsettled by Moody's sudden downgrade of its credit rating on China on Wednesday, they retreated 0.3%.
The Canadian dollar grew to a five-week peak of C$1.3402 per greenback right after the Bank of Canada was more optimistic as for the country’s economy than some traders had actually expected.
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