Sydney, July 27 (BNA): Asian shares jumped to five month highs on Thursday amid optimism the U.S. tightening cycle was over and the economy was heading for a soft landing, boosting the outlook for global growth and risk appetite generally.
Investors are now waiting for the European Central Bank later in the day, which is also seen approaching the end of its tightening campaign, and the Bank of Japan on Friday, which is expected to maintain the ultra-loose monetary policy, Reuters reported.
Nasdaq futures advanced 0.6%, helped by a 6.8% jump in Meta Platforms in after-hours trading. Facebook’s parent company reported a strong rise in advertising revenue, topping Wall Street targets.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1% to the highest in five months. Japan’s Nikkei also advanced 0.7% to a three-week top.
Hong Kong’s Hang Seng index rallied 1.4%, driven by a 4.9% surge in Chinese property stocks, as they extended a rebound from Monday when a top Politburo meeting fuelled hopes that more support to a battered sector is on the way.
ZH
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