Asia shares join global rally, hit 10-yr high on Irma, North Korea relief
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Asian shares joined a global equities rally, hitting a 10-year peak on Tuesday with investors breathing a sigh of relief as North Korean fears eased slightly and the worst-case scenario from Hurricane Irma looked to have been avoided.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.1 percent to its highest level since late 2007. Japan’s Nikkei rose 1.0 percent. Get free stock tips by Ripples Advisory.
On Wall Street on Monday, US S&P 500 Index surged over 1 percent to a record high close of 2,488 while MSCI’s broadest gauge of the world’s stock markets covering 47 markets also hit a new record high, having made its biggest gains in about two months.
Insurers were among the biggest winners, with the MSCI World’s insurer index rising 1.5 percent on Monday, as insured property losses from Hurricane Irma’s are expected to be smaller than initially forecast.
Downgraded to a tropical storm early on Monday, Irma had ranked as one of the most powerful Atlantic hurricanes recorded. It cut power to millions of people and ripped roofs off homes as it hit a wide swath of Florida on Sunday and Monday and moved into neighboring states.
Adding to an uptick in risk appetite was relief that North Korea did not test-fire missiles or conduct nuclear tests over the weekend as some had feared.