Asian shares extended overnight global gains thanks to strong results from regional tech firms and U.S. retailers, while investors also took comfort from Federal Reserve minutes showing a pause to its rate hikes is on the cards later this year.
"Despite the fact that the five day gains on Wall St now at and above 4% suggests that the meltdown has been snapped, there should be no mistaking that this is but earnings relief; - and should not prematurely inspire proclamations of a bull market reboot," said analysts at Mizuho Bank.
The Fed's minutes of its May meeting released on Wednesday confirmed two more 50-basis point hikes each in June and July, but policymakers also suggested the potential for a pause later in the year.Still, the lift in equities has not split over to other asset markets with yields broadly steady, Strickland noted.
The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 2.4879% compared with a U.S. close of 2.488%.
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