MSCI's broadest index of
Asia-Pacific shares outside Japan rose 0.14%. Australian stocks advanced by
0.57%, while Tokyo shares rose 0.4%
By Stanley White and John
McCrank
TOKYO/NEW YORK (Reuters) - Asian shares and the British pound rose on Thursday
ahead of the Christmas break, as Britain and the European Union closed in on a
free-trade deal and investors placed bets on global economic recovery
prospects.
MSCI's broadest index of
Asia-Pacific shares outside Japan rose 0.14%. Australian stocks advanced by
0.57%, while Tokyo shares rose 0.43%.
Chinese stocks rose 0.02%,
but Alibaba
Group Holding Ltd slumped 6.28%, its biggest daily drop in six weeks, after
China's market regulator said it will investigate the tech giant for suspected
monopolistic behaviour.
U.S. stock futures edged up
by 0.11%.
Investors cheered news that
Britain and the European Union were on the cusp of striking a narrow trade deal
on Thursday, which would help avoid shipping and travel chaos on both sides of
the English Channel.
Hopes for more fiscal
spending and expectations that coronavirus vaccines will become more available
next year also supported global equities.
"A pro-risk and weak
dollar theme dominated markets on optimism regarding vaccines, U.S. and UK
fiscal stimulus, and Brexit, with hope an agreement on the latter can be
reached before Christmas," ANZ Bank analysts wrote in a research memo.
The potential for a Brexit
deal boosted sterling, which rose 0.3% to $1.3535. The pound held steady at
90.20 pence per euro.
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