# Asian shares rise after consumer confidence boosts Nasdaq to record high
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-06-30
Category: INVESTING
Category URL: https://financedigest.com/category/investing
Meta Title: Global Equities Near Record Highs Amid Rising Consumer
Meta Description: Asian shares rise as consumer confidence boosts markets. Nasdaq hits all-time high. Follow the latest economic recovery news here!
URL: https://financedigest.com/asian-shares-rise-after-consumer-confidence-boosts-nasdaq-to-record-highhtml

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SHANGHAI (Reuters) – Asian shares rose and a gauge of global equities hovered near record highs on Wednesday after rising consumer confidence in economic recovery boosted the Nasdaq index to its highest-ever closing level.

MSCI’s global share index was set for a fifth straight month of gains on Wednesday. Its index tracking Asian shares outside Japan was set for a small monthly loss, but still on course for a fifth straight quarterly rise, its longest such streak since 2006-2007.

The Asian index was last up 0.33% on the day.

Chinese blue-chips added 0.1%, Australian [shares were up 0.58% and set for a ninth straight month of gains](https://www.financedigest.com/european-shares-set-for-weekly-gain-on-u-s-inflation-outlook.html "European shares set for weekly gain on U.S. inflation outlook"), and Seoul’s Kospi rose 0.35%. Japan’s Nikkei edged up 0.06%.

Still, Steven Daghlian, market analyst at CommSec in Sydney, said that following the [global run-up in equities](https://www.financedigest.com/rate-rise-fears-prompt-third-week-of-global-equity-funds-outflows.html "Rate rise fears prompt third week of global equity funds outflows"), markets were “on edge” ahead of the release of U.S. non-farm payrolls data on Friday, the results of which could influence Federal Reserve policy.

Economists [polled by Reuters](https://www.financedigest.com/bank-of-england-to-raise-rates-by-50bps-again-to-tame-inflation-reuters-poll.html "Bank of England to raise rates by 50bps again to tame inflation: Reuters Poll") are expecting a gain of 690,000 jobs for June, up from 559,000 in May.

(It looks like) five [straight months](https://www.financedigest.com/spanish-manufacturing-output-down-for-6th-straight-month-in-dec-pmi.html "Spanish manufacturing output down for 6th straight month in Dec -PMI") of gains in the U.S … still around record highs as well, and the end of the month and quarter as well. So that can also create just a little bit more volatility,” said Daghlian.

On Monday, Richmond Federal Reserve President Thomas Barkin said the U.S. [central bank has made “substantial further progress” toward its inflation](https://www.financedigest.com/governments-and-central-banks-risk-inflation-bank-of-england-has-done-its-bit-now-the-politicians-turn.html "Governments and central banks risk inflation, Bank of England has done its bit, now the politicians’ turn") goal in order to begin tapering asset purchases.

The market’s continued [focus on Fed](https://www.financedigest.com/fed-in-spotlight-with-us-focus-on-stability-first-republic.html "Fed in spotlight with US focus on stability, First Republic") plans for tapering come as the world’s largest economy continues to rebound from pandemic lockdowns.

U.S. consumer confidence jumped to its highest level in nearly one and a half years in June as growing labour market optimism amid a reopening economy offset [concerns about higher inflation](https://www.financedigest.com/shares-rise-but-concern-mounts-over-inflation-flare-up.html "Shares rise, but concern mounts over inflation flare-up"). That came even as the Federal Housing Finance Agency house [price index shot up a record](https://www.financedigest.com/tesla-posts-record-quarterly-deliveries-after-price-cuts-up-4-from-q4.html "Tesla posts record quarterly deliveries after price cuts, up 4% from Q4") 15.7% in April from a year ago, corroborating soaring house price inflation.

Overnight on [Wall Street](https://www.financedigest.com/weary-wall-street-cheers-improved-consumer-confidence.html "Weary Wall Street cheers improved consumer confidence"), the Dow Jones Industrial Average and S&P 500 gained or 0.03%, and the Nasdaq Composite added 0.19%, hitting its record high close.

At the same time, some [investors remain](https://www.financedigest.com/6-months-to-go-until-brexit-and-investor-sentiment-remains-bold.html "6 months to go until Brexit and investor sentiment remains bold") worried about the economic impact of the highly infectious Delta variant of the virus that causes COVID-19.

Indonesia, Malaysia, Thailand and Australia are all battling outbreaks and tightening restrictions, and [Spain and Portugal announced restrictions for unvaccinated British](https://www.financedigest.com/mallorca-emerges-as-this-years-summer-hotspot-as-british-buyers-return-to-spain-in-their-masses.html "MALLORCA EMERGES AS THIS YEAR’S SUMMER HOTSPOT AS BRITISH BUYERS RETURN TO SPAIN IN THEIR MASSES") tourists.

Underlining the impact of even small flare-ups of new COVID-19 cases, new data showed activity in China’s services sector grew at a slower pace in June as curbs from a [resurgence](https://www.financedigest.com/618-shopping-festival-in-china-makes-a-resurgence.html "618 shopping festival in China makes a resurgence") in cases in southern China restrained a rebound in consumption.

The currency market was more focused on the potential impact of new virus outbreaks, with the [dollar edging down from one-week peaks](https://www.financedigest.com/dollar-edges-down-from-six-week-peak-swedish-crown-jumps.html "Dollar edges down from six-week peak, Swedish crown jumps"). The dollar index was last down 0.04% at 92.026, with the yen [firming slightly to 110.48 and the euro](https://www.financedigest.com/rouble-eases-from-near-4-week-high-vs-dollar-firms-vs-euro.html "Rouble eases from near 4-week high vs dollar, firms vs euro") up 0.08% at $1.1904.

“Month-end rebalancing flows may also be at play, but with U.S. equities outperforming in June and in the quarter, the bias would be for USD selling rather than buying,” Rodrigo Catril, senior FX strategist at [National Australia Bank](https://www.financedigest.com/swiss-national-bank-makes-another-large-draw-on-fed-swap-line.html "Swiss National Bank makes another large draw on Fed swap line"), said in a note.

Sterling was last trading at $1.3857, up 0.17% on the day.

Meanwhile U.S. [Treasury yields](https://www.financedigest.com/wall-st-indexes-mixed-treasury-yields-tick-up-as-higher-rates-loom.html "Wall St indexes mixed, Treasury yields tick up as higher rates loom") were slightly lower. The benchmark 10-year note last yielded 1.4765%, down slightly from 1.48% late on Tuesday.

The 30-year [bond last yielded](https://www.financedigest.com/stocks-fall-bond-yields-rise-as-focus-shifts-to-fed-rate-outlook.html "Stocks fall, bond yields rise as focus shifts to Fed, rate outlook") 2.0891%, down from 2.097%.

[Oil prices remained higher as hopes for a demand](https://www.financedigest.com/oil-gains-after-iea-sees-demand-rising-to-record-high.html "Oil gains after IEA sees demand rising to record high") recovery persisted despite the new Delta variant outbreaks.

Brent crude futures settled 0.56% at $75.18 per barrel and U.S. crude gained 0.79% to $73.56. \[O/R\]

Spot gold rose 0.15% to $1,763.66 an ounce. \[GOL/\]

(Reporting by Andrew Galbraith; Additional reporting by Elizabeth Dilts Marshall in New York; Editing by Kenneth Maxwell)


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