SINGAPORE - Asian stocks bucked the global trend to extend a rally on Thursday, fuelled by persistent optimism over China's aggressive stimulus package, although there were signs some of that enthusiasm was starting to ebb.
Still, MSCI's broadest index of Asia-Pacific shares outside Japan rose more than 1% to an over two-year high on Thursday.Also aiding sentiment, Bloomberg News reported on Thursday that China is considering injecting up to 1 trillion yuan of capital into its biggest state banks to increase their capacity to support the struggling economy.
"I don't think the reaction will be excessive, but the direction will be there," said Jeff Ng, head of Asia macro strategy at SMBC, referring to Friday's data release."If let's say prices are sticky, then maybe that will slightly dampen expectations for a 50-basis-point ." It was back on the front foot on Thursday, having fallen earlier in the week as China's slew of support measures boosted risk appetite and sent traders scooping up China-linked assets such as the Australian and New Zealand dollars.
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