HONG KONG: Asian markets pushed higher Wednesday, tracking a record close on Wall Street as investor concerns about Donald Trump’s lack of domestic policies were eased, while the dollar held gains against the yen.
After a slack start to the year for global markets, US traders took up the reins Tuesday to press back on with the November-December Trump rally after the tycoon gave the green light to two big oil pipeline deals.
The new president signed off on the controversial Keystone XL pipeline — which would carry oil from Canadian tar sands to US Gulf Coast refineries — and another crossing in North Dakota.
The move reverses decisions taken recently by Barack Obama and is the latest effort to wipe out the former president’s legacy.
Also Tuesday it emerged that House Speaker Paul Ryan signalled support for public works spending, while reports surfaced that Senate Democrats will unveil a $1 trillion infrastructure plan, offering the president their support if he backs it.
The developments soothed anxiety on markets that promised economy-firing spending and tax-cutting measures were being put on the back burner by Trump in favour of reviewing global trade deals.
On Wall Street the S&P 500 and Nasdaq ended at all-time highs, while the Dow got within spitting distance of breaking the 20,000-point barrier for the first time.
