Asia shares touch two-year top as China plansproperty boost

Singapore, May 20 (BNA): Asian shares started the week by rallying two-year highs on Monday, buoyed by China’s strongest measures yet to address its property crisis and by expectations for global rate cuts within weeks, while the dollar steadied after a weekly drop.

Japan’s Nikkei rose 0.9% in early trade. Hang Seng futures pointed to gains and MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.25% to a two-year top with early gains in Australia and South Korea.

After world stocks made record highs last week in the wake of softening U.S. inflation, focus this week turns to policy speeches, meeting minutes, a central bank decision in New Zealand and Nvidia results, with a break in the data calendar, Reuters reported.

In currency markets the dollar logged its largest weekly drop on the euro in two-and-a-half months last week, but was steady in Asia morning trade on Monday.

The euro was broadly steady at $1.0873 on Monday. The yen was a fraction softer at 155.82 per dollar.

The Australian dollar rose 1.4% last week and held at $0.6698 on Monday and the New Zealand dollar hovered at $0.6135.

The Reserve Bank of New Zealand sets interest rates on Wednesday and is expected to leave its main cash rate at 5.5%.

S&P 500 futures rose 0.2% in early trade. Bitcoin dipped about 1% to $65,863.

H.H