Asian shares barely budged on Thursday as investors reacted cautiously to mixed ...
SYDNEY - Asian shares barely budged on Thursday as investors reacted cautiously to mixed data from China, while the pound hovered near nine-month highs as the risk of a no-deal Brexit receded following a late-night vote.
Despite China’s slowing growth, Asian markets have had an impressive rally this year, with the MSCI index climbing about 10 percent largely after the U.S. Federal Reserve all but abandoned its rate hike plans. “Before we conclude that this market still has decent legs, we’d like to see equity prices supported by stronger macro data, lifted by better earnings trends, and confirmed by stable-to-rising yields,” David Lafferty, chief market strategist at Natixis, said in a note titled ‘Rally vs Reality’.
The rejection of a no-deal Brexit sent the cable rallying to $1.3380, the highest since June 2018. It jumped 2.1 percent for its best one-day percentage gain since April 2017 and was last at $1.3315. “If Parliament fails to come to an agreement, it would go to a second referendum. My concern is that this would call into question the role of Parliament and could have serious future political consequences,” Silberston added.The euro extended gains for a fifth day in a row to the highest since March 5. It was last at $1.1329.
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