Asia shares aim to break losing streak

Asia shares aim to break losing streak

Asia shares aim to break losing streak

Written by Staff Writer

03 Nov, 2015 | 10:15 am

Asian share markets crept ahead on Tuesday after the benchmark for U.S tech stocks hit its highest in 15 years, while a holiday in Japan kept currencies tethered within recent tight ranges.

MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 1.1 % after losing ground for five straight sessions. Australian stocks bounced 1.2 %, recouping a little ground after a vicious run of selling.

In China, the CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen was all but flat.

Wall Street had boasted gains across all sectors, led by increases in the beaten-down energy group and the acquisition-driven healthcare industry.

While data showed U.S. manufacturing activity ticked lower for a fourth month, a rise in new orders offered hope for better times ahead. Also, construction spending rose in September to the highest in 7-1/2 years.

In contrast, government bonds were pressured by improving economic data in Europe and comments from European Central Bank officials that cast doubt on the need for more stimulus.

Activity was much lighter in currencies where investors are awaiting clarity on whether the Federal Reserve will start hiking rates in December.

A majority of analysts polled by Reuters doubt the Reserve Bank of Australia (RBA) will ease this week, and the market has been slowly lengthening the odds of a move. A decision will be announced at 0330 GMT.

In commodities, oil has been weighed by the prospect of weak Chinese demand and record-high Russian production.

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