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Asian markets shake off U.S. tax worries to push higher

Asian shares rose on Friday after the European Central Bank left policy unchanged, extending a rebound following a sharp sell off earlier in the week, but gains were capped as investors considered the impact of a possible U.S. capital gains tax hike. The ECB’s decision to keep copious stimulus flowing came despite its prediction of a strong rebound in the euro zone economy from mid-year as COVID-19 infections are brought under control. In Asia on Friday morning MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) shook off early small losses to rise 0.1%. Chinese blue-chip shares (.CSI300) rose 0.33%, Hong Kong’s Hang Seng (.HSI) rose 0.55% and Seoul’s Kospi (.KS11) added 0.16%. Japan’s Nikkei stock index (.N225) slid 0.68%. The yield on benchmark 10-year Treasury notes was little changed at 1.554% after the capital gains tax reports pulled yields lower on Thursday. U.S. crude rose 0.6% to $61.80 a barrel and global benchmark Brent crude added 0.47% to $65.71 per barrel. Spot gold rose about 0.3% to $1,789.18 per ounce.

Source: Reuters

 

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