* Tokyo's Nikkei at 30 year high
* Hong Kong at best point in 32 months
* US futures gain 0.5%
* World FX rates http://tmsnrt.rs/2egbfVh(Adds analyst commentary)
By Scott Murdoch and Hideyuki Sano
HONG KONG, Feb 16 (Reuters) - Asian shares rallied onTuesday, setting the stage for world equities to extend theirbull run for a 12th consecutive session, as investors banked ona rollout of coronavirus vaccines to keep the global economicrecovery on track.
Oil prices jumped to a 13-month high as a deep freeze due toa severe snow storm in the United States not only boosted powerdemand but also threatened oil production in Texas.
Asia's surging shares set the way for renewed optimism onglobal markets.S&P500 futures were up 0.5% and MSCI's all countryworld index (ACWI), which has risen every day so far this month,ticked up slightly.
MSCI's broadest index of Asia-Pacific shares outside Japanshot up 0.62%, while Japan's Nikkei rose1.4% to a 30-year high.
In Hong Kong, the Hang Seng Index rose 1.4% to hit a32-month high, while Australia's S&P/ASX200 gained 0.7%for the session. Mainland Chinese markets will remain closed forthe holidays until Thursday.
The positive sentiment was also extended to Bitcoin whichflirted with breaking through the $50,000 barrier.
Bitcoin was trading at $49,323.56 in the Asianafternoon trading session, slightly below its record high of$49,715 hit on Sunday..
JPMorgan Private Bank head of Asia investment strategy AlexWolf said the ongoing coronavirus vaccine rollout was givinginvestors confidence that global growth would be protected in2021.
"This is a positive factor that we are coming into theprocess of economic normalisation," Wolf said.
Ord Minnett advisor John Milroy said while share marketswere positive investors were becoming wary of the future risk ofinflation due to central bank and government stimulus programmesin place around the world.
"There is a clear sense with rates staying low for some timeyet and investor appetite for equities staying strong we willlikely see markets hold up for some time yet," Milroy toldReuters.
"Gaining traction is the thought that inflation could risemuch faster and sooner than the Fed is currently thinking. Thenif they do raise rates to combat it what happens to equitymarkets and of course bond markets."
The bullish view on the economy lifted bond yields, with the10-year U.S. Treasuries gaining 5 basis points to 1.24%in Asian trade, its highest since late March.
Investors are looking to the minutes from the U.S. FederalReserve's January meeting, due to be published on Wednesday, forconfirmation of its commitment to maintain its dovish policystance over the near future. That in turn is set to keep a tabon bond yields.
But some analysts say investors should keep a wary eye onbond yields.
"If U.S. bond yields keep rising, that could start tounsettle stocks," said Masahiro Ichikawa, chief strategist atSumitomo Mitsui DS Asset Management.
Wolf said JPMorgan's private bank forecast U.S. 10-yearyields could reach 1.5% by the end of 2021, as investors againbanked on further economic stimulus which could help globalgrowth prospects.
"An increase in yields is not a large concern for the restof the world. It's the pace of the increase that tends to mattermost from an Asian perspective. If there's a rapid repricingthen that can have a negative effect for emerging markets," hesaid.
U.S. President Joe Biden is pushing ahead with his plan topump an extra $1.9 trillion in stimulus into the economy, in afurther boost to market sentiment.
U.S. crude futures were trading up 1.1% at $60.11 perbarrel.
(Additional reporting by Tomo Uetake in SydneyEditing by Shri Navaratnam and Richard Pullin)
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