TOKYO: Asia shares extended their rally on Tuesday as positive factory activity surveys from China and the United States provided a much-needed boost to investor confidence.
Investors cheered U.S. data overnight showing improvements in manufacturing activity last month and construction spending for February, which overshadowed an unexpected drop in retail sales. Fujito said he expected the market will need to catch up with consumer sentiment in the United States at some point as the below-par retail sales figures indicated it was not as good as thought.
The overnight rise pushed the yield curve between three-month U.S. Treasury bills and 10-year notes further into positive territory, after being inverted for a week until last Friday, raising fears that it could herald a recession.In the currency market, bitcoin at one point soared more than 22 percent to trade as high as US$5,080 on the Luxembourg-based Bitstamp exchange for a 2019 high.
The British parliament failed on Monday to find a majority for any proposed alternative to Prime Minister Theresa May's divorce deal, though support for an alternative that included a customs union was far higher than for May's deal. The euro struggled near a three-week low of US$1.1198 brushed early on Tuesday, and was last trading down 0.1 percent at US$1.1207.
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