Asian markets rally after Wall St lead, euro struggles
Hong Kong, (MILLAT ONLINE):Asian markets mostly rose on Tuesday as traders took heart from a healthy run on Wall Street, though German political uncertainty kept pressure on the euro.
While concerns about the prospects for US tax reform continue to nag, optimism about the global economy provided some buoyancy to equities, with all three main New York indexes closing higher.
However, with the Thanksgiving holiday shortening the US trading week analysts do not expect much more guidance from New York in the next few days.
Still, Tokyo jumped 0.7 percent, led by exporters as the dollar held on to most of its gains against the yen.
The greenback was marginally down from its New York mark, at 112.60 yen, but sharply higher than the levels around 112 yen seen earlier Monday in Asia.
Among other markets Hong Kong pushed 1.9 percent higher to a 10-year high, with Tencent up 2.4 percent, extending Monday’s surge that makes it the first Asian member of the exclusive club of global firms with a market capitalisation above $500 billion.
The Chinese internet giant hit $531 billion, more than Facebook’s $519 billion.
Shanghai gained 0.5 percent and Sydney was up 0.3 percent. Seoul rose 0.1 percent and Taipei put on 1.1 percent but Manila, Jakarta and Wellington dipped.
On currency markets the euro edged up but is still under pressure after German Chancellor Angela Merkel struggled to form a government following months of horse-trading with other parties failed.