HONG KONG (Reuters) – Asian shares rose on Wednesday to their highest level in more than seven months after a jump in U.S. consumer confidence reinforced expectations the global economy has hit a bottom, even if recovery appears fragile.
The safe-haven yen fell, while currencies seen as riskier bets, such as the Australian dollar, advanced. In another sign of improving investor confidence, crude prices pushed to a six-month high above $62 a barrel.
The bolder mood from investors follows a couple of days of caution after North Korea sparked alarm by conducting a nuclear test and launching short-range missiles, and week long fears that the United States could lose its top-notch AAA rating.
“We’re seeing most risk proxies firmer,” said Su-Lin Ong, a senior economist at RBC Capital Markets in Sydney.
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