Nike Air WMNS Max Thea WMNS 599409-104 Max B01F2M42OU Nike Parent 8ae0441 -

Asia shares rally as Wall St bounce relieves
Visitors look at a stock quotation board at Tokyo Stock Exchange, October 11, 2018. — Reuters pic
Visitors look at a stock quotation board at Tokyo Stock Exchange, October 11, 2018. — Reuters pic

SYDNEY, Oct 17 — Asian got some much needed relief today after upbeat US earnings reports drove a rebound on and helped restore a little confidence in emerging market stocks and currencies.

Japan’s Nikkei leaped out of the gates with an early rise of 1.3 per cent, but still has a long way to go to recoup the past week’s losses.

MSCI’s broadest index of Asia- shares outside Japan added 0.5 per cent and South Korea 1.5 per cent.

had jumped more than 2 per cent yesterday in reaction to upbeat earnings reports from major companies including UnitedHealth and Goldman Sachs.

“Analysts are looking at this reporting season in particular and the general data over the next couple of months for signs that the receding tailwinds of fiscal stimulus and the headwinds of tariffs are going to hit the US market simultaneously,” said Rakuten Securities Australia COO, Nick Twidale.

“On first viewing this doesn’t appear to be happening.”

On Wall Street, the three major indexes tallied their biggest one-day percentage gains since March. The Dow jumped 2.17 per cent, while the S&P 500 climbed 2.15 per cent and the Nasdaq 2.89 per cent.

Netflix Inc shot 12 per cent higher after the close as its results far outstripped market expectations with 7 million streaming customers added.

The blockbuster outcome sent shares of Alphabet Inc, Facebook Inc and Inc up about 1 per cent in extended trade.

The four make up the so-called FAANG group of high-growth companies that in recent months has lost some of its momentum following market-leading gains in recent years.

The US economic news was also robust, notably a sharp rise in job openings to a fresh all-time high.

My biggest threat

All this cheer favoured beaten-down currencies in emerging markets while taking some steam out of the safe-haven yen. The MSCI Emerging Market Currency Index rose for a third straight session.

The latest survey of global fund managers by BofA Merrill Lynch found they saw emerging market currencies as the most undervalued ever against the .

The dollar itself was up on the yen at 112.31 but flat on the euro at US$1.1578. Against a basket of currencies, the US dollar idled at 95.080 having touched a two-week trough overnight.

Not helping the US dollar was fresh criticism of the Federal Reserve from US President Donald Trump, who told Fox Business Network: “My biggest threat is the Fed.”

Nike Air WMNS Max Thea WMNS 599409-104 Max B01F2M42OU Nike Parent 8ae0441

Trump has recently castigated the for raising interest rates.

“While such name calling shouldn’t mean anything in terms of what the Fed actually does, it is a factor which somewhat undermines sentiment towards the dollar,” said Ray Attrill, head of FX strategy at NAB.

“It’s a contributory factor, albeit minor, to recent poor performance of the US dollar.”

In commodity markets, held near recent 11-week highs at US$1,225.64 (RM5,091.42).

Oil prices firmed as expectations of higher US shale output vied with the risk that crude supply from the Middle East could be disrupted by looming US sanctions on Iran and growing tensions with top exporter Saudi Arabia.

Saudi Arabia has been under pressure since prominent Saudi journalist Jamal Khashoggi disappeared after visiting the Saudi consulate in Istanbul.

US crude rose 35 cents to US$72.27, while crude climbed 33 cents to US$81.74 a barrel. — Reuters

Source: The Malay Mail Online

Post Views: 6

Leave a Reply Cancel Reply

Your email address will not be published. Required fields are marked as *

Ash Women's Gymnastics Shoes Black UK 6 B07CVZLY3F Parent , Ash Women's Gymnastics Shoes Multicolour 5 B07DP83BHK ParentLemarè Women's Gymnastics Shoes White 8 B07DP91MPB Parent , Ash Women's Gymnastics Shoes White 8 B07DP91MP9 Parent , NIKE Women’s WMNS Epic React Flyknit Low-Top Sneakers B079QKY6VC Parent , Philippe Model Women's Gymnastics Shoes Silver UK 6 B07FQY9P9Y Parent , Orthaheel Walker Walking Shoes White Womens B004H4P1HM Parent , Mark Todd Masterton Tall Boot - Cognac B0762G9PJL Parent , adidas Women's Supernova Cushion Running Shoe B000J2P66M ParentNike Women’s 844817-401 Fitness Shoes B01HT9SQ7I Parentadidas Women's Fortitude 2 Running Shoe B000O7XQ4Q Parent , adidas Women's a3 Powerride Cushion Running Shoe B000J2SCYU Parent , Columbia Women's Beartooth S8 Hiking Shoe B001AMDXYW Parent , Klogs USA Women's Naples Mule B00131FPAU Parent , Columbia Men's Tagori Walking Shoe B001KN4HIM Parent , Vasque Women's Blur Trail Running Shoe B001DNG2DW Parent , Columbia Women's YL3496 Dogwood Hiking Shoe,Charcole/Ice Cap,8 M B001TK2GXY ParentColumbia Women's Dogwood Hiking Shoe B001TK2GXE Parent , Mizuno Running Women's Wave Inspire 6 Running Shoe B0039NMTWW Parent , adidas Women's ClimaCool Modulate Running Shoe B002VLYWIM ParentRockport Work Women's More Energy RK465 Work Shoe B005H2231A Parent , Puma Complete Trailfox 4 Trail Running Shoe B0058XL2UQ Parent , NIKE Women’s WMNS Free Tr 8 Competition Running Shoes B009HFJZ8W Parent , Reebok Women's Zignano Rhythm Running Shoe,Flat Grey/White/Pink/Silver,8 M US B005Q85PWE Parent , Columbia Womens Helvatia Trekking & Hiking Shoes B00ADSWOKS ParentColumbia HELVATIA MID WATERPROOF Trekking & Hiking Shoes Womens B00ADSVQQ6 Parent , Puma Women's Formlite XT Ultra Cross-Training Shoe B00AOCBCGA Parent , Columbia Women's Trailhawk Trail Shoe B00ADSZBOE ParentWomen's Puma Safety Stepper SD Low Safety Toe Shoes, BLK/PURPLE, 9D B00BDQ0I1G Parent ,

Time limit is exhausted. Please reload CAPTCHA.

Nike Air WMNS Max Thea WMNS 599409-104 Max B01F2M42OU Nike Parent 8ae0441 -