Singapore, Nov. 15 (BNA): Asian stocks surged to two-month highs on Wednesday in anticipation of stimulus in China and an end to rate hikes in the United States, while the dollar nursed steep losses suffered in the wake of a benign U.S. inflation report.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 2.3%, hitting its highest since mid-September, Reuters reported.
The Hang Seng rose nearly 3%, breaking above its 50-day moving average, while Japan’s Nikkei was up 2.3%.
U.S. headline consumer prices were flat in October. Core CPI, at 0.2%, also came in below a forecast of 0.3%.
Overnight, the Nasdaq jumped 2.4%. The U.S. dollar slid 1.6% on the euro and 2% on the Australian and New Zealand dollars.
Iron ore rallied to a 2-1/2 year high, and copper rose to a three-week peak in Shanghai.
The mainland CSI300 index rose by 0.6%. The Hang Seng index of mainland property developers rose 4.3%.
The yen hit a 16-year low of 163.9 yen per euro and handed back some of Tuesday’s gains to trade at 150.68 per dollar.
Brent crude futures rose 0.4%, or 31 cents a barrel, to $82.78.
R.S.
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