Hong Kong/New York — Asian shares edged up on Thursday and were set to end a tumultuous 2020 at record highs, while growing investor hopes for a global economic recovery caused the dollar to fall further against most major currencies.
“A lot of the rise in the second part of the quarter is because the political risk evaporated,” said Kerry Craig, global market strategist at JPMorgan Asset Management, citing the US election, hopes for an easing in US-China trade tensions and the Brexit deal. Australian shares fell 0.80% after tighter restrictions on movement were announced in an effort to quash fresh Covid-19 cases.The upbeat mood, reflected in overnight gains on Wall Street, drubbed the “safe-haven” dollar and supported almost all other major currencies.
US West Texas Intermediate crude shed 0.23% to trade at $48.29 a barrel, far below about $62 at the start of 2020, and Brent was trading down 25c, or 0.5%, at $51.38.