Biggest Rise In 15 Months For Asian Shares

December 19th, 2014 by James

On Friday, Asian shares enjoyed their best day in 15 months after Wall Street enjoyed its biggest two-day advance since late 2011 amid relief that the U.S. Federal Reserve was in no hurry to withdraw stimulus from the U.S. economy.

Biggest Rise In 15 Months For Asian Shares

These gains came as Oil prices stayed under pressure to suggest that equity investors were starting to see the positives in reduced fuel costs and increased consumer spending power.

Australia’s main index romped ahead by 2.2 percent and Japan’s Nikkei JNIc1 climbed 2.1 percent to erase most of its recent losses. Shares in Shanghai hit their highest in four years while MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS put on 1.5 percent. “Risk sentiment is ending the week on a stronger footing after a poor start,” said analysts at Barclays. “Market expectations for ECB QE add to the Fed’s upbeat message on U.S. growth and stabilization in Russia.”

The Dow .DJI surged 2.43 percent, while the S&P 500 .SPX gained 2.4 percent and the Nasdaq .IXIC 2.24 percent.

The US dollar regained ground on the yen to 119.24 and the euro resumed its decline against the U.S. dollar, dropping to $1.227. After a wild week, oil prices managed to steady for the moment. Brent LCOc1 inched up 11 cents to $59.38 after it lost over a $1.00 on Thursday, while U.S. crude CLc1 added 21 cents to $54.32.

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