Tokyo/New York — Asian shares edged higher on Wednesday as investors shrugged off the concern that stocks may have rallied too far too fast in the past year, and focused instead on optimism that more imminent US stimulus will energise the global economic recovery.
But some analysts warned that worries that stock prices may be frothy, a fear echoed by a top Chinese regulatory official on Tuesday, may make it harder for equity markets to hang on to gains. Fears that last week’s sell-off in US treasuries, which rattled stock markets, could resume may also put a lid on stock prices, they said.
The cautious mood weighed on the dollar, which has benefited in recent days from the investor hope that the US will enjoy a faster economic recovery, and that the US central bank will be more tolerant of higher bond yields.The Australian dollar shined yet again, rising to $0.7828 after stronger-than-expected economic growth in the fourth quarter fuelled the hope for a V-shaped recovery from the coronavirus pandemic.
The US stock market was roiled last week when benchmark yields spiked to a one-year high on investor bets that a strong US economic rebound amid ultra-loose monetary conditions could fuel inflation.
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