Wednesday, 7 December 2016

Asian shares edge up as markets look to ECB after Italian vote

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Asian shares edged up on Wednesday as investors covered short positions in European equities as they pondered the ramifications of Italy's referendum and looked to the upcoming policy meeting of the European Central Bank. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent while Japan's Nikkei gained 0.4 percent. 

The Australian market rose despite the data showing the economy contracted in the third quarter. While rate futures imply scant chance of another rate cut in the next few months, all thought of a hike has also vanished. The MSCI's broadest gauge of the world's stock markets rose to its highest level in almost two months.

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