Asian shares, commodities rise as Dow record bolsters
Published on Mar 6, 2013 12:43 PM
TOKYO (REUTERS) - Asian shares extended gains on Wednesday as Wall Street's record close encouraged investors to take on more risk amid signs of a continuing US economic recovery and globally accommodative monetary conditions.
The dollar eased 0.2 per cent against a basket of key currencies while copper and crude oil prices rose as did commodity-linked currencies, often linked to risk appetite. The Australian dollar rose 0.2 per cent to US$1.0291 (S$1.28), above an eight-month low of US$1.0116 plumbed on Monday.
The MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.9 per cent, adding to Tuesday's 1.3 per cent surge. The index tumbled to a nine-week low on Monday.
Asian shares took their cue from overnight gains in global equities, with the Dow Jones industrial average ending at an all-time high and the pan-European FTSEurofirst 300 index closing at its highest in 4-1/2 years.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!