Asia Markets Build On Global Rally With ECB In Focus
Mohammad Ali (@ChaudhryMAli88) Published December 08, 2016 | 12:30 PM
HONG KONG, Dec 8, (UrduPoint / Pakistan Point News - 08th Dec, 2016 ) - A global stocks rally extended into Asia on Thursday, with investors betting the European Central Bank will prolong its stimulus programme, while the positive mood helped lift riskier currencies.
With the economic outlook in Europe still looking fragile and political uncertainty gripping world markets, analysts expect the ECB will wind up its latest policy meeting with a pledge to continue its cash-pumping measures for another six months.
The speculation has helped refresh a waning global assets rally that began after Donald Trump's US election win, which traders predict will usher in a time of huge spending, tax cutting and deregulation.
Such positive sentiment has propelled the Dow on Wall Street to successive records -- and put it on course to hit 20,000 for the first time -- while the S&P 500 also clocked up an all-time high Wednesday.
Hong Kong added 0.5 percent in the afternoon and Tokyo ended 1.5 percent up. Seoul surged two percent, while Sydney Taipei and Manila piled on more than one percent. However, Shanghai dipped 0.2 percent despite Chinese trade data showing a forecast-beating jump in imports and exports that indicate the world's number two economy continues to stabilise.
"The market is optimistic that the ECB will extend its quantitative easing programme at current levels for a further six months," Sharon Zollner, a senior economist in Auckland at ANZ Bank New Zealand, told Bloomberg news.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
Russian military jet crashes into sea off Crimea: Governor
Rain-windstorm/thunderstorm likely at various parts of country
Implementation of Sindh Agriculture Workers Act-2019 demanded
More Stories From Business
-
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
1 hour ago -
Today Gold Rate in Pakistan 29 March 2024
2 hours ago -
Pakistan retains position in FTSE secondary emerging market
11 hours ago -
Pakistan retains position in FTSE secondary emerging market
11 hours ago -
China's competitive car market at heart of global EV revolution
11 hours ago -
China's Xiaomi enters car market with new electric vehicle
11 hours ago
-
Pak-Türkiye strategize to boost bilateral trade to $5 billion
13 hours ago -
Chief Representative of CFFEX in Pakistan and PSX Director meet Finance Minister
13 hours ago -
Banks to open on March 30, 31 to facilitate tax collection
14 hours ago -
Stock markets rise before Easter break
14 hours ago -
NCA approves revised first quarter GDP estimates for 2023-24
14 hours ago -
26% increase on tobacco tax can reduce PKR 300bn in health cost
15 hours ago