Asian shares neared a 20-month top on Monday as Wall Street extended its run of ...
SYDNEY - Asian shares neared a 20-month top on Monday as Wall Street extended its run of record peaks on solid U.S. economic data and lashes of liquidity from the Federal Reserve.
Early turnover in Asian shares was light with U.S. stock and bond markets closed for the Martin Luther King Jr. holiday. Eyes will be on U.S. corporate earnings with Netflix Inc, Intel Corp and Texas Instruments Inc set to report this week, while central banks in the European Union, Canada and Japan hold policy meetings.
“The relationship between the size of the Fed’s balance sheet, now some 11% bigger than where it was in late September, and the performance of U.S. risk assets is uncanny,” he said, noting the balance sheet had just hit a three-month top of $4.18 trillion. The Fed’s buying binge on Treasury bills has kept bonds bid even as stocks surged and economic data stayed healthy. Yields on two-year notes are dead in line with the overnight cash rate at 1.56%, compared to 2.62% this time last year.
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