Thursday, 30 June 2016

Asia stocks Gain as post-Brexit Bounce Continues, yen Pulls back

Asia stocks rose on Thursday, tracking an overnight rally on Wall Street, while the safe-haven Japanese yen retreated as global markets regained a semblance of calm after last week's Brexit shock. 

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent, pulling further away from a one-month low on Friday when it plunged more than 3 percent in reaction to Britain's decision to leave the European Union. Australian stocks added 0.3 percent and Japan's Nikkei climbed 1.2 percent. 

Overnight, the Dow had risen 1.6 percent while Britain's FTSE rallied for the second day, retracing all the losses suffered in reaction to Brexit. US President Barack Obama said on Wednesday he expects the world economy will be steady in the short run after Britain's decision but expressed concern about longer-term global growth. Still, expectations that major central banks will go easier on monetary policy in anticipation of another hit to global growth due to Brexit have buoyed risk assets globally. 

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