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Asian stocks extend winning run to scale seven-month highs

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MSCI's broadest index of Asia-Pacific shares outside Japan advances 0.4%, with South Korean shares leading the way and the Australian dollar hitting multi-month highs

MSCI’s broadest index of Asia-Pacific shares outside Japan advances 0.4%, with South Korean shares leading the way and the Australian dollar hitting multi-month highsSingapore — Asian equities extended their winning run to scale their highest levels in seven months on Wednesday, with South Korean stocks leading the way, and the Australian dollar hit multi-month highs as surging inflation made higher interest rates more likely.

“It appears that markets are increasingly seduced by ‘Goldilocks’ outcomes of tightening risks tamed, yet recession risks tempered,” Mizuho analysts said in a note. The euro held near a nine-month peak against the dollar, as trades were encouraged by a rosier growth outlook for the eurozone against signs of a recession looming in the US.

 

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