{"id":48054,"date":"2017-10-18T06:04:43","date_gmt":"2017-10-18T06:04:43","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=48054"},"modified":"2017-10-18T06:16:19","modified_gmt":"2017-10-18T06:16:19","slug":"asia-shares-camp-near-peaks-markets-ponder-xis-speech","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/asia-shares-camp-near-peaks-markets-ponder-xis-speech.html","title":{"rendered":"Asia shares camp near peaks markets ponder Xi’s speech"},"content":{"rendered":"

Asia shares camp near peaks markets ponder Xi’s speech<\/span><\/strong><\/span><\/h2>\n

Asia shares camp near peaks, markets ponder Xi’s speech: The twice-a-decade congress is expected to cement the power of President Xi Jinping, who kicked off the week-long event with a wide-ranging speech in which he said the market would be allowed to play a decisive role in allocating resources.<\/span><\/p>\n

Investors are keen for any direction on economic and financial market reform over the next five years, though history suggests these events can be light on detail.<\/span><\/p>\n

On Tuesday, the United States again declined to name China as a currency manipulator although it remained critical of the Chinese government\u2019s economic policies ahead of a planned visit to Beijing by President Donald Trump.<\/span><\/p>\n

The blue-chip CSI300 index .CSI300 was up 0.3 percent, while Shanghai stocks .SSEC added 0.1 percent.<\/span><\/p>\n

Recent economic data from the Asian giant has been generally upbeat, fuelling a tide of optimism about global growth that has benefited shares across the region.<\/span><\/p>\n

MSCI\u2019s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.1 percent, near their highest since late 2007, while Australia rose 0.2 percent.<\/span><\/p>\n

Japan’s Nikkei .N225 added 0.1 percent and was trying to string together a 12th straight session of gains.<\/span><\/p>\n

An opinion poll by Kyodo showed Japanese Prime Minister Shinzo Abe\u2019s coalition was on track for a roughly two-thirds majority in Sunday\u2019s general election there.<\/span><\/p>\n

The bullish mood on equities was evident in the latest fund manager survey from BofA Merrill Lynch.<\/span><\/p>\n

\u201cFor the first time in six years, Goldilocks trumps secular stagnation, with a record high 48 percent of investors surveyed expecting above-trend economic growth and below-trend inflation,\u201d the survey found.<\/span><\/p>\n

Investors were bearish on bonds with 82 percent of those surveyed expecting yields to rise in the next 12 months and a record 85 percent believing bonds were overvalued.<\/span><\/p>\n

BEARISH ON BONDS<\/span><\/p>\n

Yields on two-year U.S. Treasury paper US2YT=RR have hit their highest since November 2008 amid speculation President Trump could chose a more hawkish leader to replace Federal Reserve Chair Janet Yellen. [US\/]<\/span><\/p>\n

Interest rates futures <0#FF:> imply around a 90 percent probability of a Fed hike in December FEDWATCH.<\/span><\/p>\n

The shift upward in yields lifted the dollar to one-week top against a basket of currencies .DXY, and kept it steady on the yen at 112.17 JPY=.<\/span><\/p>\n

The euro was holding at $1.1772 EUR=, still some way above the recent low and major chart support at $1.1667.<\/span><\/p>\n

Dealers were wary ahead of speeches by several policymakers from the European Central Bank due later on Wednesday, which includes President Mario Draghi.<\/span><\/p>\n

The biggest mover had been Mexico’s peso MXN= which boasted its biggest rise in over four months after trade ministers from the United States, Canada and Mexico extended the deadline on a contentious round of talks.<\/span><\/p>\n

On Wall Street, the Dow .DJI ended up a slim 0.18 percent having briefly broken above the 23,000-point mark for the first time on Tuesday, while the S&P 500 .SPX gained 0.07 percent and the Nasdaq .IXIC dipped 0.01 percent.<\/span><\/p>\n

Shares in IBM (IBM.N) jumped nearly 5 percent after hours as a shift to newer businesses such as cloud and security services helped it beat Wall Street\u2019s quarterly revenue estimates.<\/span><\/p>\n

In commodity markets, talk of higher U.S. interest rates kept gold pinned at XAU= $1,288.10 an ounce.<\/span><\/p>\n

Oil prices got a boost from a drop in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies. Brent crude futures LCOc1 firmed 43 cents to $58.30 per barrel, while U.S. crude CLc1 gained 26 cents to $52.14.<\/span><\/p>\n

Source:http:\/\/www.reuters.com\/article\/us-global-markets\/asia-shares-camp-near-peaks-markets-ponder-xis-speech-idUSKBN1CN01D<\/span><\/p>\n

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