SINGAPORE - Asian stocks bucked the global trend to extend a rally on Thursday, fuelled by persistent optimism over China's aggressive stimulus package, although there were signs some of that enthusiasm was starting to ebb.
Still, MSCI's broadest index of Asia-Pacific shares outside Japan rose more than 1% to an over two-year high on Thursday. Japan's Nikkei surged 2.4%. In the broader market, investors turned their attention to a raft of speeches from Federal Reserve policymakers later in the day, including remarks from Chair Jerome Powell, which could provide further clues on the U.S. rate outlook.
Shifting expectations of how aggressive the Fed would ease rates this year and next have in turn kept the dollar largely rangebound over the past month. The offshore yuan ticked up 0.06% to 7.0277 per dollar, having briefly strengthened past the key psychological level of 7 per dollar in the previous session.
In commodities, oil prices edged up with Brent crude futures last 0.27% higher at $73.66 a barrel. U.S. crude rose 0.2% to $69.82 per barrel. With the A’s leaving town, Oakland fans deserved better
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