Asian stocks rose on Thursday amid fresh signs of resilience in the US economy, while the euro wallowed near two-year lows before a much-anticipated European Central Bank meeting that could open the door to more stimulus.
Tokyo’s Nikkei climbed 0.7 per cent, touching a new seven-year high, with sentiment buoyed by media projections suggesting a strong win for Japanese premier Shinzo Abe’s coalition at the December 14 election. A victory for Abe could lead to a new mandate for his “Abenomics’’ policies to revive the economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent, while Australian shares were up 0.5 per cent.
The improved mood was helped by the Dow and S&P rising to record highs overnight after private payrolls and services sector data underscored the US economy’s resilience.