Asian markets rally

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FE Team | Published: October 06, 2017 23:58:18

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HONG KONG, Oct 6: Asian markets on Friday tracked another record close on Wall Street following more buoyant US data and hopes for tax reform, which has also boosted the dollar, report agencies.
As the Labour Department prepares to unveil jobs creation figures for September, traders were given a positive bump on Thursday with figures showing improving factory orders, jobless claims and exports.
The news came as US lawmakers passed an outline budget plan, providing some optimism that Donald Trump's key economic pledge to cut taxes could come to fruition.
Analysts said the figures could indicate strong growth for the US economy in the third quarter.
All three main indexes in New York closed at all-time highs, with the S&P 500 notching a sixth-straight record -- the longest streak since 1997.
And the rally extended into Asia, where Tokyo's Nikkei ended the morning session 0.3 percent higher, while Hong Kong added 0.2 percent, putting it on course for its highest finish in 10 years.
Sydney put on 0.7 per cent and Singapore climbed 0.2 per cent, with Manila more than one per cent higher.
Meanwhile, India's Nifty 50 and Sensex rose 0.72 percent and 0.54 percent, respectively.
Markets in China and South Korea remained shut for public holidays.
"The global economy is looking stronger and stronger and this is driving profits all at a time when inflation and central banks remain relatively benign," Shane Oliver, head of investment strategy and chief economist at AMP Capital, wrote in a note, explaining why global share markets overlooked the uncertainties and negative headlines this week.
"US, Eurozone and Japanese shares saw good gains over the last week but Australian shares remained relatively weak reflecting a relatively less positive growth and profit outlook," Oliver added.