Asia shares up as China extends rally on policy bet FMTNews FMTBusiness
Despite poor factory activity numbers, Chinese blue chips surged 1.6%, bringing July gains to 5.6%.
The initial impetus for markets was positive following Friday’s US data showing an easing in wage costs and core inflation, which fuelled hopes the Federal Reserve was done tightening. The Bank of England is widely expected to raise rates by at least a quarter point, but markets are more divided on whether the Reserve Bank of Australia will hike or stay on hold.
Apple Inc and Amazon.com both report on Thursday, while other well-known names with results due include Western Digital Corp, Caterpillar Inc, Starbucks Corp, and Advanced Micro Devices.Japan’s Nikkei rose 1.8% to re-take the 33,000 level and nudge closer to its recent three-decade peak. “Friday’s action might best be viewed as an attempt to head off a fresh wave of yen-weakening carry trade activity, by at least ceasing to resist pressure for 10-year yields to rise above 0.5%,” said Ray Attrill, head of FX strategy at National Australia Bank.The yen was again under pressure on Monday as the dollar pushed up to ¥141.55, a long way from Friday’s brief low of ¥138.05.
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