Asia stocks highest since 2008

10:15 • 27.08.14
Economy

The euro came close to cracking on Wednesday as feverish speculation of further policy stimulus in the euro zone drove bond yields to all-time lows and lifted Asian stocks to peaks not seen in almost seven years, Reuters reported.

The groundbreaking call by European Central Bank President Mario Draghi for more action on both the monetary and fiscal fronts has markets wagering that fresh steps could come as soon as next week when the central bank's governing council meets.

"The comments have raised expectations that the ECB could announce even more monetary policy stimulus over coming months," said Peter Dragicevich, a senior currency and rates strategist at Commonwealth Bank of Australia. "The next program could include broad-based asset purchases."

He added that euro zone inflation data due on Friday was likely to show a new low for this cycle of just 0.3 percent and add to the sense of urgency on policy.

"This will continue to depress swap rates across the curve and keep the euro heavy."

The single currency broke down to a new 11-month trough of $1.3154 in Asia, taking it nearer to the Sept. 6 low of $1.3104 which also doubles as major chart support.

The euro's weakness helped lift the U.S. dollar index through its September peak to reach its highest in 13 months at 82.698. The greenback could only manage a minor gain on the yen to 104.07, short of Monday's 7-month peak at 104.49.

The prospect of yet further lashings of liquidity in Europe was taken as a positive for emerging markets and MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4 percent to its highest since January 2008.


Read more on the Reuters website.
 

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