SHANGHAI - Asian shares extended their New Year’s rally on Friday after Wall Street struck another record high on fresh Chinese stimulus while oil spiked after U.S. air strikes in Iraq heightened geopolitical tensions.
The index had finished at its highest close in more than 18 months on Thursday, lifted by a New Year’s Day announcement from China’s central bank that it would cut the amount of cash that banks must hold as reserves, releasing release around 800 billion yuan . “The issue in our view, and that is the central scenario, is beyond these few weeks - where could we see a further correction?” he said, noting that the United States is unlikely to enjoy further fiscal stimulus before the presidential election in November.
The news sent oil prices surging, with global benchmark Brent crude LCOc1 shooting 1.74% higher to $67.40 per barrel and U.S. West Texas Intermediate crude CLc1 jumping 1.60% to $62.16 per barrel.
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