Asian shares soar higher on possible China stimulus
March 31, 2014 9:33 amVideo
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Asian stocks ticked up slightly in a chary start on Monday, with investors keeping hopes China would take measures to stimulate the economy.
MSCI’s widest index of Asia-Pacific shares outside Japan nailed 0.1% after accelerating to a 3-week peak last Friday on the back of intensified speculation Beijing will commence new spending measures and faded tensions in Ukraine.
Australian shares increased 0.5%, while Tokyo’s Nikkei stock average climbed 0.9%. On Friday, China’s Premier Li Keqiang sought to reassure anxious global investors that Beijing was ready to back the chilling economy, saying the necessary policies were in place and would push through with infrastructure investment.
The euro crawled close a one-month low it touched versus the dollar on Friday after an unforeseen plunge in Spanish and German inflation boosted anticipations the European Central Bank could another ease monetary policy as early as Thursday.
The euro was already under pressure following propositions of more ECB move last week from Germany, whose policymakers have reiterated in the past worries on progressive monetary easing.
The focus now turns to euro zone inflation figures due later in the global session in light of Friday’s weak Spanish and German inflation data.
The euro was slightly changed at $1.3746 following it plumbed a one-month low of $1.3704 last Friday. The dollar attained assistance from an advance in US Treasury yields despite hopes the Federal Reserve will decline its massive monetary easing and pave the way for an eventual rate increase.
Yields of intermediate-dated Treasury notes came close to two-month peaks on Friday. The endured pressure on yields follow statements from Federal Reserve Chair Janet Yellen earlier this month which escalated the possibility of rate hikes as early as spring 2015.
The material has been provided by InstaForex Company – www.instaforex.com
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