Asian markets surged Thursday, picking up the baton from record performances in New York and Europe where traders cheered upbeat…
HONG KONG —
Asian markets surged Thursday, picking up the baton from record performances in New York and Europe where traders cheered upbeat U. S. economic data and Donald Trump’s conciliatory speech to Congress.
The U. S. president’s much-anticipated address on Tuesday, while lacking details, was broadly welcomed as he promised a trillion-dollar infrastructure splurge and tax cuts—music to bullish investors’ ears.
Global equity markets have thundered along since Trump’s November election win as dealers bet his policies would light a fire under the U. S. economy.
The fact that he did away with the bellicose rhetoric of the past made him appear more presidential, according to some observers.
“Markets have voted again and it’s clear they liked the version of Donald Trump that they saw yesterday,” Greg McKenna, chief market strategist at CFD and FX provider AxiTrader, said in a note.
“While there was little additional specificity—the so-called meat on the bone—the president’s tone echoed the one that ignited the initial Trumponomics rally during his acceptance speech on election night back in November.
