SYDNEY, Dec 28 2017 : Asian shares rose to a one-month high today and were on track for their best annual performance since 2009, while commodity-driven currencies were buoyed by a rally in copper, which hit a four-year peak.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 percent at 563.86 points, a level last visited in late November. It has rocketed 32 percent in the year so far.
MSCI world equity index, which tracks shares in 47 countries, also held near record highs. It has surged 21.5 percent this year.
Copper remained a standout trade, soaring for a ninth straight session on Wednesday to a level not seen since early 2014 on expectations of strong demand from top consumer China.
Gold prices were also buoyant. Spot gold stayed within a striking distance of a four-week peak of $1,289.5 an ounce.
The strength in metals boosted currencies of commodity exporting countries.
In other currencies, the greenback slipped against the yen while the dollar index sagged to a three-week low as U.S. Treasury yields came off recent highs.
Treasury 2/10s yield curve slipped below 52 basis points, from almost 64 basis points last week.
“The dollar bears are getting their last licks in for 2017, perhaps foreshadowing of things to come in 2018,” said Stephen Innes, head of trading for APAC at OANDA.
It is down more than 3 percent on the yen. JPY=
In commodities, Brent crude, the international benchmark for oil prices, held at 66.44 a barrel. U.S. crude was off 3 cents at $59.61 after climbing to a 2-1/2 year high of $60.01 on Tuesday.- Reuters