Asian Shares Touch 10-Year Peak as Wall St. Hits Records

Asian Shares Touch 10-Year Peak as Wall St. Hits Records
  1. Asian Shares Touch 10-Year Peak as Wall St. Hits Records
    Asian stocks wobbled on Wednesday but still marked a 10-year peak, cheered by record highs on Wall Street, while shares of Apple Inc’s suppliers dipped following the release of the… Read more » The post Asian Shares Touch 10-Year Peak as Wall St. Hits Records appeared first on Hamodia. In related news: Asian Stocks Fall in Wall Street’s Wake, Dollar Holds Below 14-Year Peak Asian Shares Meander Following Mixed Cues From Wall Street Asian Shares Hit 10-Year High…
A man is reflected on an electronic stock indicator of a securities firm in Tokyo. (AP Photo/Shizuo Kambayashi)

TOKYO (Reuters) - Asian stocks wobbled on Wednesday but still marked a 10-year peak, cheered by record highs on Wall Street, while shares of Apple Inc’s suppliers dipped following the release of the latest iPhone.

Futures suggested a downbeat start to the European trading day, with the Eurostoxx 50 down 0.1 percent, DAX futures also down 0.1 percent and FTSE futures 0.2 percent lower.

MSCI’s broadest index of Asia-Pacific shares outside Japan was slightly lower, after earlier poking up to its highest level since October 2007. Australian shares ended fractionally higher and South Korean shares rose 0.2 percent.

On Tuesday, the S&P 500, Dow Jones industrials and Nasdaq Composite all finished at record levels as investors’ concerns faded about North Korean tensions as well as the impact of Hurricane Irma.

“In the U.S. we had a bit of unwinding of the fear trade that it’s been going through and that’s flowing through to us as well,” said Mathan Somasundaram, a market portfolio strategist with Blue Ocean Equities in Sydney.

U.S. gains were kept in check, however, by a decline in shares of Apple Inc after it unveiled its newest line of iPhones. Apple fell 0.6 percent but pared some losses in after-hours trade.

The new iPhone’s sales will have repercussions beyond Apple for many suppliers as well as its rivals.

Taiwan’s benchmark dropped 0.7 percent, as shares of Apple supplier Taiwan Semiconductor Manufacturing Co, the world’s biggest contract chip maker, dipped 0.5 percent, while Hon Hai Precision Industry was 1.3 percent lower.

In China, Apple-linked stocks such as Zhejiang Crystal Optech tumbled 6.4 percent and Goertek shed 3.7 percent. The blue-chip CSI300 index was slightly up, while the Shanghai Composite Index was flat in afternoon trade.

Japan’s Nikkei stock index added 0.5 percent to a one-month high, getting a tailwind as the yen stayed far away from its recent peaks.

Yutaka Miura, a senior technical analyst at Mizuho Securities, said the weaker yen had prompted investors to cover short positions that they took during recent bouts of risk aversion.

“The Nikkei is not rising on fundamentals at the moment, but rather on supply and demand moves,” he said.

The dollar inched 0.1 percent lower on the day to 110.11 yen , but remained well above last Friday’s 10-month low of 107.32 plumbed when Hurricane Irma loomed and investors braced for the possibility of another missile or nuclear test to mark North Korea’s founding day on Sept. 9.

The yen tends to benefit during times of economic and political uncertainty due to Japan’s net creditor nation status, and the expectation that Japanese investors would repatriate assets during times of crisis.

Investors remained wary of a flare-up of…

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