Asia shares lifted by Fed pause bets; China real estate retreats
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TOKYO : Asia-Pacific equities rose to their highest level since mid-February on Friday, taking cues from an overnight Wall Street rally as market bets firmed for the Federal Reserve to skip a rate increase next week.
Japanese and Australian bond yields followed those on U.S. Treasuries lower, and the dollar struggled to rise from a two-week trough.
MSCI's broadest index of Asia-Pacific shares added 0.6 per cent, and at one point touched its strongest level since Feb. 16.
Much of that was driven by a 2 per cent jump in Japan's Nikkei, which rebounded strongly after its plunge from a 33-year high in the previous session.
Chinese stocks were relative underperformers, with Hong Kong's Hang Seng up a more muted 0.26 per cent.
Mainland blue chips were nearly flat, struggling under the weight of a 2.3 per cent slide for property shares. The sector had soared 7.3 per cent over the past week on speculation of impending stimulus from Beijing, which has yet to materialise.
