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Asian stocks reach three-year high, China gains
11:40, 29 July 2014, 589

AKIPRESS.COM - shares Asian shares touched fresh three-year highs on Tuesday as investors in the region drew encouragement from a rally in Chinese markets, though caution was widespread given the torrent of U.S. economic news still to come this week, Reuters said.

Hong Kong's key stock index inched to its loftiest level in over 3 years on optimism that the world's second-largest economy has turned a corner and as investors wagered on more growth-friendly policies from Beijing.

The CSI300 of the leading Shanghai and Shenzhen A-shares leveled off, having climbed over 7 percent in the past six sessions.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 percent from a peak last touched in April 2011. Likewise, South Korea's index gained 0.6 percent to its highest since mid-2011.

Japan's Nikkei rose 0.4 percent to a six-month high as investors focused on the positive in some mixed economic news. Nissan jumped 4.5 percent after the automaker's April-June operating profit rose a higher-than-expected 13.4 percent.

Wall Street had been more restrained as the major indices approached daunting chart barriers. The Dow had ended Monday up 0.1 percent, while the S&P 500 gained a bare 0.03 percent, and the Nasdaq lost 0.1 percent.

Meanwhile, the dollar held close to a six-month peak against a basket of its peers, having gone virtually nowhere as investors kept to the sidelines ahead of a policy review by the Federal Reserve.

The euro was pinned near an eight-month trough of $1.3421 set on Friday. It traded at $1.3434, having shuffled between $1.3427 and $1.3440.

Against the yen, the dollar was steady at 101.86, while the common currency barely budged at 136.84.

In commodities, gold was idling at $1,304.96 after a very quiet 24 hours saw it hold to an $8 range.

Oil prices dipped as signs of excess supplies of North Sea and West African crude and weak demand in Europe and Asia offset fears of escalating tensions in Ukraine and the Middle East.

September Brent lost 13 cents to $107.44 a barrel, while U.S. crude futures eased 29 cents to $101.38.


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