Asian Equities Higher on Wall Street Rally

Asian stocks rose across the board on Tuesday after a rally on Wall Street and steps by China to shore up its economy boosted risk appetite, while Greek debt worries again haunted the sagging euro.  Tracking overnight gains in U.S. stocks, MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.7 percent.

Japan’s Nikkei .N225 added 0.3 percent and Australian shares .AXJO rose 1.2 percent. Bourses in South Korea, Malaysia and Indonesia posted sizeable gains as well.  The Shanghai Composite Index .SSEC followed up Monday’s rally, rising to a fresh seven-year high on hopes for more infrastructure spending and monetary easing.

The Dow .DJI and S&P 500 .SPX both climbed more than 1 percent Monday with sentiment buoyed by robust Chinese equities.  After unveiling details over the weekend for a modern “Silk Road” that could pump tens of billions of dollars into investment, China late on Monday announced steps to ease housing taxes and lending rules to prop up sliding house prices that have threatened economic growth.

Reuters

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