SYDNEY : Asian shares mostly tracked Wall Street higher on Thursday while a sell-off in the U.S. dollar was extended, as markets reacted to the possibility of the U.S. Federal Reserve soon slowing its pace of interest rate hikes.
Chinese property stocks rallied. The Hang Seng Mainland Property Index surged 5.3 per cent after banks pledged at least $38 billion in fresh credit lines to cash-strapped developers. "If you are at the Fed, you'd be gnashing your teeth at seeing what happened last night in response to the FOMC minutes. The market latched on to one sentence, the dovish sounding one, and they ignored the hawkish sounding bits," said Rob Carnell, head of ING's Asia-Pacific research.
In Japan, data on Thursday showed manufacturing activity had contracted at the fastest pace in two years in November. The euro rose 0.4 per cent to $1.0437, edging closer to the recent four-month top of $1.048, while the dollar also weakened 0.6 per cent against the Japanese yen to 138.74 yen.
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