Asian shares held near a 20-month top on Monday even as investors took some mone...
SYDNEY - Asian shares held near a 20-month top on Monday even as investors took some money off the table following a strong run recently, while oil jumped to more than a one-week high after two large crude production bases in Libya began shutting down.
Turnover in Asian shares was light with U.S. stock and bond markets closed for the Martin Luther King Jr. holiday. Sentiment was supported by the relentless run of record highs on Wall Street. Only three weeks into the new year, the S&P 500 has gained just over 3% and the NASDAQ almost 5%. Analysts at BofA Global Research noted global stock market capitalization had ballooned by $13 trillion since its September lows and the S&P was only 5% away from marking the biggest bull run in history.
The string of mostly solid U.S. data has underpinned the dollar, particularly against the safe-harbor yen. The dollar stood at 110.17 yen on Monday, having hit an eight-month peak of 110.28 last week.
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