Asian stocks
inched to new 19-month highs on Thursday with thanks to an ongoing rally
on Wall Street and bolstered by gains in Chinese stocks while the
dollar came in for a bout of profit-taking after a recent bounce.
MSCI's
broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS
rose 0.2 percent to its highest since July 2015. It is up by a tenth
this year thanks to more optimistic earnings expectations and an
unwinding of bearish emerging market bets.
European stock markets are set to open steady to slightly higher according to index futures FFIc1 FDXc1
Wall Street pushed relentlessly into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak.
Hong Kong stocks climbed to a fresh five-month high and swelling demand from mainland investors thanks to Beijing's drive to tackle growing asset price bubbles and the market's relatively cheap valuations.
Some investors said markets were looking slightly overvalued from a technical perspective after the bounce in recent weeks. For example, on a relative strength index (RSI), the MSCI Asia-ex Japan index was at its most overbought since 2015.
Though latest regional export data confirmed an upswing in economic activity in Asia was gathering pace, political uncertainty and anti-globalisation rhetoric from the U.S. made investors cautious of adding big positions.
European stock markets are set to open steady to slightly higher according to index futures FFIc1 FDXc1
Wall Street pushed relentlessly into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak.
Hong Kong stocks climbed to a fresh five-month high and swelling demand from mainland investors thanks to Beijing's drive to tackle growing asset price bubbles and the market's relatively cheap valuations.
Some investors said markets were looking slightly overvalued from a technical perspective after the bounce in recent weeks. For example, on a relative strength index (RSI), the MSCI Asia-ex Japan index was at its most overbought since 2015.
Though latest regional export data confirmed an upswing in economic activity in Asia was gathering pace, political uncertainty and anti-globalisation rhetoric from the U.S. made investors cautious of adding big positions.
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