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Home / Business / Manufacturing rebound pushes Asian stocks to seven-month highs by Reuters

Manufacturing rebound pushes Asian stocks to seven-month highs by Reuters



© Reuters. FILE PHOTO: Men look at stock prices outside a broker in Tokyo

For shares in Daniel Leussink

TOKYO (Reuters) – Asia expanded their rally on Tuesday, when positive factory activity surveys from China and the US gave a much needed increase to investor confidence.

European stocks expected to rise, London's futures up 0.1 percent, and Frankfurt also traded slightly higher.

MSCI's widest index of Asia-Pacific stocks outside of Japan was up 0.2 percent and hit a seven-month high after steering more

Australian equities achieved 0.4 percent after the Reserve Bank of Australia kept interest rates stable at their April meeting meeting ̵

1; as expected.

Japan's bucked trend ends flat after pairing previous wins

.

Wall Street shares jumped on Monday, and both increased more than one percent, with the Dow promise of sharp gains in [19659011] Caterpillar Inc (NYSE 🙂 and Boeing (NYSE 🙂 Co. ()

Investors cheered US data overnight, showing improvements in manufacturing activity last year and construction spending for February, overshadowing an unexpected decline in retail sales.

The positive experience reinforced the positive feeling taken from previous data, which shows China's manufacturing sector surprisingly back to growth for the first time in four months in March.

The rare bright news for the world economy comes in the wake of persistent concerns over the global refrigeration demand, with the Chinese-American wage war, lowering trade and poorer corporate earnings, causing investors to dump risk evidence in recent months.

"The market is responding to the improvement of feelings in China. Many investors are buying pending an increase in stocks," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley (NYSE 🙂 Securities.

Fujito said he expected the market would need to catch up with consumer sentiment in the US at a time when the underlying retail figures indicated that it was not as good as believed.

The encouraging data on production activity in the world's two largest economies helped to bounce Concerns about a deeper decline in the world economy, spurring some investors scaling back US US bond holdings.

What sold Monday triggered the biggest one-day jump in US 10-year government bond yields since January 4. The yields reach up to 2,508

Today's growth pushed the yield curve between three-month US government bonds down and 10-year-old notes further into positive territory after being converted for a week to Friday, fearing that it could pose a recession.

On Tuesday, the last one was 2.475 percent.

BREXIT CHAOS

In the foreign exchange market, bitcoin increased at one point more than 22 percent to trade as high as $ 5,080 on the Luxembourg Bitstamp exchange for 2019 high.

The upward swing saw the world's largest cryptocurrency break through the 200-day moving average for the first time in more than a year. The value of the unit fell last year when the authorities increased their regulation on the market globally.

Sterling took a bank after British lawmakers did not come closer to solving the chaos around the country's departure from the EU.

The British parliament failed on Monday to find a majority for any proposed alternative to Prime Minister Theresa Mays divorce agreement, but support for an option that included a customs union was far higher than in May.

"The only sensible thing Theresa May can do is go aside and let someone else take control of Brexit," said Naeem Aslam, Chief Market Analyst at Think Markets in London, in a note to clients.

Sterling was last a quarter percent at $ 1.3074, not far from last month's $ 1.2945.

The euro hit near a three-week low of $ 1.1198 brushed early on Tuesday, and was last traded down 0.1 percent at $ 1,1207.

Against the Japanese yen, the dollar was down to 111.33 yen, but 1.5 percent over its 1-1 / 2 month low of 109.70 touched on Ma rch 25.

Oil prices rose to fresh 2019 heights after one US official said Washington is considering several sanctions against Iran and a central Venezuelan export terminal stopped operations. [O/R]

futures traded at $ 61.82 per barrel, up 0.4 percent on the day. futures were up 0.3 percent at $ 69.19 per barrel.

Gold recessed up to $ 1,288.30.


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