- Asia-Pacific trades mixed on global growth optimism.
- Market sentiment little changed over mixed Chinese data.
- Rebound in US dollar ahead of key NFP data keeps gains limited.
Asain indices were trading with mild gains on Thursday, following the modest gains on Wall Street in the New York session. The Central theme remains US economic data and persistent inflation fears.
MSCI’s broadest index of Asia-pacific shares outside Japan rose 0.3%. It touched the high of 712.57, the level last seen in early March.
Japan’s Nikkei gained 0.4%, China’s Shanghai Composite rose 0.4%, and Kospi gained 0.59%.
Australian shares jumped to all-time highs as investors remain enthusiastic on stronger than expected economic growth data released on Wednesday.
The broader market sentiment remains elevated, however, inflationary anxiety returned among investors, lowering the momentum of gains in the equities.
The upbeat US economic data raises persistent inflation fears, which could prompt the Fed to roll over its ultra accommodative monetary policy sooner than expected.
In addition to that, the rising oil price rose to its highest level last seen two years ago. The rally was boosted by the OPEC+ decision to cut the supply ease to meet rising energy demand as global economic growth came back on track after being hit by the pandemic last year.
The US Dollar Index( DXY) regained the 90 mark with 0.13% gain.
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