Asian shares hit one-year high on Wall St. rally, Ukraine vote

08:52 • 26.05.14
Economy

Asian shares hit one-year high on Monday thanks to a strong session on Wall Street and a decisive win for billionaire Petro Poroshenko in Ukraine's presidential election, Reuters reported.


MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.15 percent while Japan's Nikkei share average .N225 gained 0.7 percent to hit one-month high.


Investors took their cue from upbeat U.S. hosing data on Friday, with sales of new single-family homes rising more than expected in April and the number of houses on the market hitting a 3-1/2 year-high.


The figures were good enough to boost Wall Street shares after Federal Reserve chief Janet Yellen said earlier this month that a slumping housing market, as well as geopolitical tensions, risked undermining the U.S. economy.


The S&P 500 index .SPX closed at a record high of 1900.53 on Friday, just below a record intraday high of 1,902.17 set on May 13, buoyed by a rally in housing stocks.


"Looking at housing shares, you could say markets had already lowered expectations on the housing markets sharply," said Tohru Yamamoto, chief strategist at Daiwa Securities.


"Last month, investors were expecting a sharp rebound after a bad weather. But if you think housing is a downside risk, the figures look pretty good," he said.
Investors were also hoping for easing geopolitical risks after exit polls in Ukraine gave Poroshenko, a confectionery magnate with long experience in government, more than 55 percent of the vote in the presidential election.

 

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