Wednesday, 29 June 2016

Asia Stocks Join Rally, Uncertainty keeps Bonds bid

Asian share markets joined a global rally on Wednesday as the immediate impact of Britain's vote to leave began to wane and investors wagered central banks would have to ride to the rescue with more stimulus measures. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, but remained a long way from its pre-vote levels. 

Japan's Nikkei climbed 1.1 percent, while Australian stocks added 1 percent. Any bounce was welcome, given global equity markets shed USD 3 trillion in value in the two days following Britain's shock vote, according to S&P Dow Jones Indices. Investors also pointed to solid US economic data as helping to steady the ship. 

Yet Britain's course out of the EU remains unknown, leaving the future of the entire bloc and its currency an open question. "The only certainty in Europe is uncertainty," said analysts as Australia and New Zealand Bank in a note. "European leaders appear to want to move forward with Brexit plans as quickly as possible, but political turmoil within Britain suggests a quick turnaround is unlikely."

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