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Asian stocks hit two-year top, Nikkei bounces as Berkshire buys in | Malay Mail

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SYDNEY, Aug 31 — Asian shares notched a fresh two-year high today as investors wagered monetary and fiscal policies globally would stay super stimulatory for a protracted period, keeping the safe-haven dollar on the defensive. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2...

A man using his mobile phone is silhouetted against a stock quotation board outside a brokerage firm in Tokyo February 21, 2006. — Reuters pic

Tokyo’s Nikkei rallied 1.4 per cent aided by news Warren Buffett’s Berkshire Hathaway had bought more than 5 per cent stakes in each of the five leading Japanese trading companies. The next event of note in Asia will be China’s official manufacturing PMI survey for August which is forecast to show a slight improvement to 51.2 as the recovery there continues.

Fed Chair Jerome Powell boosted stock markets last week by committing to keep inflation at 2 per cent on average, allowing prices to run hotter to balance periods when they undershot. That shift was of little benefit to the US dollar given the prospect of short rates staying super-low for longer, and the currency fell broadly.

 

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