Pedestrians walk past a public screen displaying the Shenzhen Stock Exchange and the Hang Seng Index figures in Shanghai, China. Picture: BLOOMBERG/QILAI SHEN
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2%, with Japan and South Korean indices jumping more than 1%. Australia shares were up 0.2% and Taiwan stocks rose 0.7%. Analysts at ANZ pointed to growing expectations that decelerating global business activity will act as a restraint on central bank intentions to start dialling back monetary stimulus in the near term.
“A positive risk backdrop has pushed flows out of the dollar,” said Chris Weston, head of research at brokerage Pepperstone in Melbourne, adding that positive analyst commentary around oil and cyclical stocks had also helped the broad mood. Now, investors are less confident Fed chair Jerome Powell’s speech at Jackson Hole this week will indicate a timeline for winding down the Fed’s bond-buying programme.
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