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Asian stocks rise to 7-month highs, hot inflation boosts Australian dollar

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4% to a seven-month high, with South Korean shares gaining 1.3% as trading resumed after the Lunar New Year holidays.

January 25, 2023 / 09:32 AM IST
Asian markets

Asian markets

Asian equities extended their winning run to scale their highest levels in seven months on Wednesday, with South Korean stocks leading the way, and the Australian dollar hit multi-month highs as surging inflation made higher interest rates more likely.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4% to a seven-month high, with South Korean shares gaining 1.3% as trading resumed after the Lunar New Year holidays.

The MSCI gauge has rallied 9% so far this year after slumping nearly 20% in 2022. Trading volume was depressed as Chinese and Taiwan markets were closed for holidays.

Nikkei gained 0.1% and Singapore jumped 1.7%.