Chinese markets dragged on Asian shares on Friday as they failed to latch on to a global record-setting rally after a week in which central banks around the world refrained from any hawkish surprises in a boost to the dollar.
Share markets globally were strong, with MSCI's gauge of stocks across the worldOvernight, the S&P 500 and Nasdaq extended their streaks of record high closes to six sessions, and the Dow Jones Industrial Average posted a slim loss, ending a string of record closes after bank shares weighed.
"Even though it transpired as expected, it is a significant milestone, the direction of travel is now clearly towards policy normalisation, though the Fed emphasised that tapering is not tightening," said Stefan Hofer, chief investment strategist for LGT in Asia Pacific.Hofer said U.S. jobs data would remain in focus in the coming months as that would influence upcoming decisions from the Fed. U.S. payroll data for October is due later on Friday.
That sent the pound tumbling 1.36% on Thursday while bond yields dropped both in Britain and Europe with Germany's 10-year government bond yield, the benchmark for the eurozone, falling 6 basis points, to a one-month low of -0.23%.U.S. Treasury yields also fell and the U.S. yield curve steepened overnight.
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