HONG KONG : Asian shares rallied on Thursday, taking heart from a late recovery on Wall Street after U.S. politicans appeared near to a temporary deal to avert a federal debt default and as Russia reassured Europe on gas supplies, calming volatile markets.
"Sharp increases in energy prices have clearly contributed to the latest leg up in bond yields, which has been accompanied by weakness in equity markets around the world," analysts at Capital Economics wrote in a note. The Dow Jones Industrial Average rose 0.3per cent, the S&P 500 <.SPX gained 0.41per cent and the Nasdaq Composite added 0.47per cent, also boosted by a proposal from the Senate's top Republican, Mitch McConnell, to allow an extension of the federal debt ceiling into December.
The dollar was steady, not too far from 12 month highs hit last month against a basket of currencies, and held at a 14 month high against the Euro.
Source: Financial Digest (financialdigest.net)
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