Asia Shares Hit 2007 Top Dollar Skids By satya sruthi On 27 Jul, 2017 Tweet
Sydney: Stocks, bonds and commodities were all on a roll in Asia on Thursday, as bulls scented a softening in the Federal Reserve's confidence on inflation that promised to keep U.S. interest rates low for longer than some had expected.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.9 percent to heights not seen since December 2007. It has gained over 5 percent so far this month.
South Korea and Japan's Nikkei both added 0.2 percent, while Australia put on 0.3 percent. Stocks in the Philippines were at a one-year peak and Hong Kong's Hang Seng index added 0.3 percent to push above 27,000.
But worries about tighter regulations nudged China's blue-chip CSI300 index down 0.7 percent, though data showed a pick up in profit growth for industrial firms.
The latest rush for risk came after the Fed left U.S. rates unmoved as expected on Thursday, and tweaked its wording on inflation.
The market seized on the fact that the central bank noted that both overall and core inflation had declined, and it removed the qualifier "recently," perhaps suggesting concerns the slowdown might not be temporary.
The Fed also said it expected to start winding down its massive holdings of bonds "relatively soon," cementing expectations of a September start.
While that would be an effective tightening in financial conditions it might also lessen the need for actual hikes in rates, which matter more for currency valuations.
"The dollar's biggest problem is it can't expect help from the Fed for a long time," said Alan Ruskin, global head of forex at Deutsche.
"In the short-term we are still in a risk-favourable loop, whereby subdued goods and services inflation supports a well behaved bond market and asset inflation. It's just another day in paradise."
A Reuters poll showed most primary dealers, the banks authorized to trade directly with the Fed, still see the Fed's next rate rise in December. But Fed funds rate futures are pricing in less than 50 percent chance of a hike by then, compared to more than 50 percent before the Fed's meeting.
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