US Equities on a tear

A fifth consecutive record close on Wall Street helped fuel further gains for Asian stocks Wednesday, with bullish sentiment boosted by strong results from Apple and benign world economic data.

Traders took heart from the iPhone maker’s stronger-than-expected results for the past quarter as well as accelerating eurozone growth and upbeat Chinese manufacturing figures.

Higher revenues and profits at Apple helped trigger fresh buying in Tokyo as a range of Japanese companies supply components for the California-based company’s smartphone and other devices.

The Nikkei was up 0.4 percent by the break, while Shanghai — which closed Tuesday at a record 2017 high — edged ahead while Hong Kong also gained in morning trade.

Sydney stocks were a rare negative in the region after commodity prices fell.

“Equities… continue to flourish as earning reports drive stocks to new highs,” said Stephen Innes, who heads Asia-Pacific trading at Oanda

“The Dow reached a new-all time high for a fifth consecutive session, nibbling at the key 22k mark.”

AFP

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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