HONG KONG: Most Asian markets rose again Friday following another positive lead from Wall Street, with Tokyo boosted by a plunging yen, although traders remain nervous about the outlook for global trade with Donald Trump in the White House.
After one of the best weeks in January, however, gains were tempered with investors taking a breather as they keep an eye on developments in Washington where Trump is pushing on with his “America first” agenda.
Markets surged in the two months after his November election win on hopes his plans for big infrastructure spending, tax cuts and slashing red tape would fan the world’s biggest economy and, in turn, global growth.
The new year saw a retreat as his failure to provide any detail of his economic plans led to worries about his determination to follow through with his campaign promises.
But his decision to give the go-ahead to controversial oil pipelines across the US lifted spirits on trading floors earlier in the week as it was taken as a sign the tycoon will deliver.
In New York the Dow broke 20,000 for the first time and on Thursday extended those gains. The S&P 500 and Nasdaq are also sitting around record highs.
Asian markets have followed suit, rallying for most of this week.
On Friday Tokyo rose 0.4 percent by the break as the dollar held Thursday’s rally against the yen. There was also some lift on news that Japanese consumer prices fell in December but at a slower pace than the previous month.
