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New Zealand Hits Record High, Asia Stocks Mostly Up

Asia shares edged higher on Wednesday in quiet trade following a slight uptick on Wall Street, while the dollar slipped lower and oil prices rose after recent selling.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 percent to the highest in almost two weeks. Australia's main index added 0.7 percent, while South Korea ticked up 0.5 percent.

China's Shanghai Composite broke its two-day winning streak, while the blue-chip CSI300 index hit a new a four-month high for the second straight session. The yuan strengthened to 6.4780 per dollar, weaker than the central bank's mid-point rate of 6.4731.

South Korea's Kospi hit a fresh three-week high for the second consecutive session.

New Zealand's benchmark NZ 50 hit a fresh record high adding nearly 1 percent to reach 6,206 points, eclipsing its previous record of 6,162 hit earlier this month.

Australia's resource-heavy S&P ASX 200 index logged a sixth session of gains, trading in sight of a fresh two-week high. The Australian dollar was flat against the greenback, well off a one-month low of $0.7097 hit last week.

Dow Climbs

The Dow Jones Industrial Average jumped nearly 200 points overnight after the final estimate for U.S. third quarter gross domestic product beat expectations for a 1.9 percent reading.

Oil prices were up across the board with Brent crude edging back to $36.44 after trading as low as $36.28 a barrel earlier in the day.

U.S. West Texas Intermediate (WTI) crude futures were quoted 24 cents higher at $36.38 a barrel.

Cina Coren
About Cina Coren
Cina Coren is a former Wall Street broker and financial advisor. She holds a Master's degree in Communications and spent many years writing for international news outlets and journalistic publications. Today, Cina spends most of her time writing internet articles and blogs, and reading various newspapers to stay on top of the news.
 

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