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Asian Stocks Advance NZD slides : Markets Wrap
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Loading...Asian stocks advanced as benchmark indexes traded near multi-year highs.
The New Zealand dollar declined after the nation’s central bank said it will keep rates at a record low for an extended period.
Gold was steady after six days of declines, while oil extended a rebound from last week’s rout.
Chinese shares resumed declines, with the Shanghai Composite heading for the lowest close since September 2016.
Corporate earnings and positive data on the U.S. economy have buoyed sentiment about global growth.
New York Fed President William Dudley will give a speech in Mumbai, a chance for investors to assess future U.S. monetary policy.
While the Reserve Bank of New Zealand kept its benchmark rate unchanged, the central bank said it will keep rates there for an extended period, saying inflation will slow. The bank projected that inflation will decelerate to 1.1 percent in the first quarter of 2018, and said a premature monetary tightening could undermine growth.
Here are the key events investors will be scrutinizing:
* The Bank of England on Thursday publishes its interest-rate decision and quarterly Inflation Report.
Here are the main moves in markets:
* Japan’s Topix index rose 0.1 percent.
* Hong Kong’s Hang Seng added 0.3 percent, gaining for a fourth straight day.
*The Shanghai Composite Index fell 0.4 percent.
* South Korea’s Kospi advanced 0.9 percent, erasing most of Wednesday’s declines following the presidential election.
* New Zealand’s S&P/NZX 50 jumped 1 percent to the highest level since September.
* The Stoxx Europe 600 Index advanced 0.2 percent.
Currencies
* The yen was steady at 114.25 per dollar, after declining for nine of the past 10 days.
*The Bloomberg Dollar Spot Index increased less than 0.1 percent, after Wednesday’s 0.1 percent decline.
* The kiwi fell 1.4 percent to 68.43 U.S. cents, for the biggest one-day decline of the year.
* The Canadian dollar dropped 0.6 percent.
Commodities
* Gold added less than 0.1 percent to $1,219.53.
Source: Bloomberg
Junior Trader Stefan Panteleev
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