Equities extend their rally as positive Chinese and US factory activity surveys boost investor confidence
A man stands in front of an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan. REUTERS/KIM KYUNG-HOON
Australian shares gained 0.5% and Japan's Nikkei advanced 0.3%, extending its gains for a third session.Wall Street shares jumped on Monday, with the S&P 500 and Dow Jones Industrial Average both rising more than 1%, with the Dow lifted by sharp gains in Caterpillar and Boeing. The rare bright news for the global economy comes in the wake of persistent worries over cooling demand across the world, with the Sino-US tariff war, slowing trade and subdued corporate profits prompting investors to dump risk assets over the past several months.
The encouraging data on manufacturing activity in the world’s two biggest economies spurred some investors to scale back holdings of safe-haven bonds, triggering the biggest single-day jump in US 10-year Treasury note yields since January 4. The British parliament failed on Monday to find a majority for any proposed alternative to Prime Minister Theresa May’s divorce deal, though support for an alternative that included a customs union was far higher than for May’s deal.
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