Asian shares climbed to a seven-month peak on Wednesday tracking the S&P 500, which scaled all-time highs driven by ever expanding policy stimulus aimed at cushioning the blow to economies from the coronavirus pandemic.
The gains were driven by Australian shares, up 0.8% and South Korea, which added 0.6%. Japan's Nikkei nudged up too though Chinese shares started weaker with the blue-chip CSI300 index off 0.7%. The closely-watched S&P 500 topped an all-time peak reached in February just before the onset of the COVID-19 pandemic drove the benchmark index to lows on March 23. The index has surged about 55% since then.
Market optimism was also buoyed by data showing an acceleration in U.S. homebuilding to the most in nearly four years in July, signifying that the housing sector is emerging as one of the few areas of strength.