Stocks, bonds and commodities were all on a roll in Asia on Thursday, as bulls scented a softening in the Federal Reserve's confidence on inflation that promised to keep US interest rates low for longer than some had expected.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.9 per cent to heights not seen since December 2007. It has gained over 5 per cent so far this month.
South Korea and Japan's Nikkei both added 0.2 per cent, while Australia put on 0.3 per cent. Stocks in the Philippines were at a one-year peak and Hong Kong's Hang Seng index added 0.3 per cent to push above 27,000.
But worries about tighter regulations nudged China's blue-chip CSI300 index down 0.7 per cent, though data showed a pick up in profit growth for industrial firms.
The latest rush for risk came after the Fed left US rates unmoved as expected on Thursday, and tweaked its wording on inflation.
The market seized on the fact that the central bank noted that both overall and core inflation had declined, and it removed the qualifier "recently", perhaps suggesting concerns the slowdown might not be temporary.
The Fed also said it expected to start winding down its massive holdings of bonds "relatively soon", cementing expectations of a September start.
Reuters
Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
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- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
