Asian shares paused on Thursday as investors awaited data from China for clues a...
SYDNEY - Asian shares paused on Thursday as investors awaited data from China for clues about the health of the world’s second largest economy while the pound shot up to near nine-month highs as the risk of a no-deal Brexit receded following a late-night vote.
Asian markets have seen 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.
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