Asian share markets pulled ahead on Wednesday as investors were relieved after a...
SYDNEY - Asian share markets pulled ahead on Wednesday as investors were relieved after a raft of Chinese data beat expectations in a sign Beijing’s policy stimulus may finally be gaining traction in the world’s second-largest economy.
Moves in Asian share markets were modest in part because they had already rallied hard since the start of the year.MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2 percent to near its highest since July. China blue chips rose slight to stay just below their best levels since March last year.
Investors reacted by buying the Australian dollar, often a liquid proxy for China plays, which pushed up 0.3 percent to a two-month top at $0.7206. In currency markets, the greenback finally managed to top resistance on the yen at 112.13 to reach its highest since December at 112.16. It was last at 111.96.
One currency on the move was the New Zealand dollar which sank as far as $0.6668 after annual consumer price inflation came in well below expectations at just 1.5 percent for the first quarter.
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