Stocks Continue Rise – Asia Market Wrap
Stocks extended their year-end rally in thin trading, driven by optimism over economic growth and expectations for improved corporate earnings. Gold and silver advanced to records.
The MSCI All Country World Index edged higher in Asian trading, set for a seventh day of gains, with the regional gauge climbing 0.2%. Australia, Hong Kong and several other regional markets remain shut for holidays. Bloomberg’s index of the dollar held near the lowest since October.
Treasuries slipped in Asian hours with the benchmark 10-year yield climbing two basis points to 4.15%. Cash trading closed at 3 p.m. in Tokyo due to a UK holiday, but will resume in New York.
Gold and silver jumped as escalating geopolitical tensions and dollar weakness helped extend a historic rally for precious metals. Spot silver advanced for a fifth day, climbing as much as 4.6% to cross $75 an ounce for the first time. Gold, set for its best annual advance since 1979, rose as much as 1.2% to above $4,500 an ounce.
