Stocks extend advance into Asia; dollar weakens: markets wrap

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Stocks rallied in Asia on Thursday, putting a gauge of the region’s equities on course to snap five days of declines after US shares climbed on improved consumer confidence and better-than-expected earnings.

The biggest moves were in Hong Kong, where the benchmark index rose about 3%. Technology and property companies led the charge after a slew of comments from regulators on supporting the broader economy and real estate developers.

The 10-year Japanese government bond yield targeted by the BOJ fell to 0.41%, compared with the central bank’s new upper limit of 0.5%. Government bond yields were up in Australia and down in New Zealand. “The Hong Kong and China market may do a bit better,” said Redmond Wong, strategist at Saxo Capital Markets, noting that a lot of profit-taking was now out of the way and there has been some subsiding of fear over Covid.

 

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