Asian stocks rose today (November 21st) as new data confirmed the resilience of the US economy.
It emerged yesterday that the Conference Board Leading Economic Index (LEI), an index of US leading indicators, increased by 0.9 per cent in October, following a 0.7 per cent increase in September - beating forecasts.
It was also revealed that US inflation was stable, with consumer prices unchanged in October, as low gasoline costs continued to keep inflation at bay. The fresh data echoed the Federal Reserve policymakers who said in minutes of their meeting last month that the US economy was solid.
Sentiment was also lifted amid speculation that China will take steps to prevent a cash crunch before initial public offerings next week, with the People’s Bank of China offering 50 billion yuan (£5.2 billion) of short-term funds, according to a Market News International report.
"The PBOC injection will definitely help to address the economic slowdown in China," Ryan Huang, a markets strategist at IG Ltd. in Singapore, told Bloomberg.
Tokyo ended 0.33 per cent higher today at 17,357.51, while Seoul rose 0.35 per cent to 1,964.84. Hong Kong rose 0.37 per cent to 23,437.12 and Shanghai climbed 1.39 per cent to 2,486.79. However, Sydney fell 0.22 per cent to close at 5,304.3.
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