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Asian stocks tick up after Wall Street cracks more records

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Asian equities were mostly firmer on Wednesday after a strong Wall Street session in which the S&P 500 hit an all-time high, rebounding from huge ...

Asian equities were mostly firmer on Wednesday after a strong Wall Street session in which the S&P 500 hit an all-time high, rebounding from huge losses caused by the coronavirus pandemic.

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 in an economy hit hard by the pandemic. Nasdaq clocked its 18th record closing high since early June, when it confirmed its recovery from the coronavirus sell-off. Tuesday's record was its 34th record close so far this year compared with 31 record closing highs in 2019 and 29 in 2018.

The U.S. Federal Reserve's intervention in financial markets to maintain liquidity in the midst of the coronavirus pandemic has weakened the dollar, pushed risk assets to all-time highs and reduced demand for safe-havens.

 

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