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With improvement in risk appetite, Asian shares near 2016 highs

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Asian shares came within reach of their 2016 highs on Wednesday as prospects of solid U.S. growth and accommodative economic policy in major markets whet investors’ risk appetite damaged by uncertainty from Brexit.

Spreadbetters expected European shares to take a breather following days of gains, forecasting a slightly lower open for Britain’s FTSE .FTSE, Germany’s DAX .GDAXI and France’s CAC .FCHI. U.S. stock futures ESc1 dipped 0.1 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose as much as 0.4 per cent to 427.83, just below its year-to-date high of 428.22 hit on April 21.

Japan’s Nikkei .N225 gained 1.1 per cent.

Australian stocks added 0.5 per cent and South Korea’s Kospi .KS11 rose 0.6 per cent. New Zealand shares .NZ50 inched down 0.1 per cent but were near a record high struck Tuesday. Shanghai .SSEC advanced 0.4 per cent.

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Paul

The author Paul