January 20, 2018, 6:56 pm
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Asia shares eye all-time top on global growth cheer

SYDNEY- Asian stocks struck a decade peak on Wednesday as risk appetites were whetted by a bevy of upbeat manufacturing surveys that confirmed a synchronized upturn in world growth was well under way.

Activity was especially strong in Europe, lifting bond yields there and driving the euro to within a whisker of its highest in three years against a beleaguered US dollar.

Investors also piled into emerging market trades, with Philippine stocks at a record and Hong Kong .HSI also making another decade-high.

MSCI’s index of Asia-Pacific shares outside Japan rose 0.4 percent, having jumped 1.4 percent on Tuesday in its best performance since last March. The index is creeping ever closer to the all-time peak of 591.50 reached in late 2007.

Chinese blue chips gained for the fourth session running, while Japan’s Nikkei was closed for holidays.

Wall Street had started the new year as it ended the old, scoring another set of record closing peaks. The Dow rose 0.42 percent, while the S&P 500 gained 0.83 percent and the Nasdaq 1.5 percent.

The gains in riskier assets came as industry surveys from India to Germany to Canada showed quickening activity.

“The breadth of the recovery is extraordinary,” said Deutsche Bank macro strategist Alan Ruskin, noting that of 31 countries covered, only three failed to show growth while all the largest manufacturing sectors improved. - Reuters
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