Asia shares track Wall Street rise, wary on North Korea

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Asia shares track Wall Street rise, Cautious on North Korea

The S&P financial industry . SPSY jumped 2.6 percent in reaction, its biggest daily gain since March 1.
Adding to the good cheer was data showing U.S. consumer confidence surged to a near 17-year high in November, while home prices rose sharply in September, which should underpin consumer spending.
Powell also hinted stating current rules were tough.
The pound was last changing hands at $1.3363 GBP=, having jumped from as low as $1.3222 on Tuesday.
Fed chair nominee Jerome Powell, in his Senate confirmation hearing on Tuesday, said the case for a December rate hike was coming though he dodged comment.
Palladium XPD = hit at its highest as traders anticipating demand from the industry piled into the metal. Spot gold XAU= was little changed at $1,293.81 an oz
Oil eased amid uncertainty over the outcome of OPEC talks about stretching price-supporting output cuts, combined with a surprise rise in inventories.

Editing by Sam Holmes
Sterling had been the significant mover, rallying on media reports Britain and the EU have reached agreement.

MSCI’s broadest index of Asia-Pacific shares outside Japan . N225 added 0.5 percent, while Australia’s main index rose 0.7 percent.

“Tax cuts will mainly raise the demand side of the market at a time when the market has little spare capacity,” said Jeremy Lawson, chief economist at Standard Life Investments.

Released at Wed, 29 Nov 2017 00:32:51 +0000

That helped the Dow . DJI climb 1.09 percent, while the S&P 500 . SPX rose 0.99 percent and the Nasdaq . IXIC or 0.49 percent.

SYDNEY (Reuters) – Asian shares rose and the dollar held firm on Wednesday after Wall Street shot to record peaks amid signs of progress on U.S. tax cuts, upbeat economic data and bank-friendly remarks from the would-be head of the Federal Reserve.

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There was no market reaction to the latest missile test by North Korea. President Donald Trump said the United States “will take care of” the North Korea issue and the approach to dealing with Pyongyang would not change.

The dollar likewise edged up to 111.57 yen JPY= and away from a 10-week low of 110.85, while the euro backed off to $1.1846 EUR=.

U.S. crude CLc1 eased 27 cents to $57.73 in early trade, while Brent crude oil LCOc1 held at $63.61 a barrel.

Some analysts, however, did warn of the dangers of unintended consequences if the package was passed.

REUTERS/Toru Hanai

The prospects for a U.S. tax cut seemed to improve after Senate Republicans rammed forward their invoice in a partisan committee vote that put up a full vote by the Senate as soon as Thursday, although details of the measure remained unsettled.
“For that reason,┬áthe package will primarily bring forward action with a lot of the stimulus eventually offset by the Federal Reserve lifting interest rates more quickly.”
Republican leaders conceded that they have to round up the votes where they maintain a narrow majority.

All of that helped the dollar regain some ground. Against a basket of currencies it was steady at 93.200 . DXY and off a two-month trough of 92.496 touched on Monday.

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