Most Asian shares extend rally, markets await UK inflation data - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Asian shares were mostly higher on Wednesday, with US corporate earnings aiding sentiment, while traders awaited British inflation readings later in the day for clues on how hawkish central banks need to be to fight inflation.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2%, but further gains were capped by slight falls in Chinese shares.Elsewhere, stocks tracked Wall Street higher. Japan’s Nikkei advanced 0.4%, Australia’s resources-heavy shares gained 0.4%, while South Korea rebounded 0.5%.Netflix Inc reversed customer losses that had hammered its stock this year and projected more growth ahead, sending shares 14% higher in after-hours trading.

Chris Turner, global head of markets at ING, said a quiet week for US data could also see the dollar correction extend a little. Sterling gained 0.14% against the greenback to trade at $1.1335 after easing slightly in the previous session. “Amid rapidly fluctuating views/market price on what the Bank of England will decide to do with rates on 2 November, a key data point of reference will be today’s September UK inflation data,” said Ray Attrill, head of FX strategy, at National Australia Bank.

 

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Business Maverick: Asian stocks drop, dollar slips amid wary trading: markets wrapAsian equities fell while major currencies made gains against the dollar in a cautious open to the week following further weakness on Wall Street and a defiant message to the world from China’s Communist Party congress.
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