Asian shares consolidate following Wall Street gains

August 24, 2016

On Wednesday, Asian shares consolidated a recent run of revenues, backed by Wall Street's soar overnight, even as crude prices tumbled on trade data demonstrating a surprise build-up in American crude stocks.

Outside Japan, MSCI's broadest index of Asia-Pacific shares decreased 0.1% in early trades. It has edged up more than 14% since late June to reach a 1-year peak the previous week.

Futures prices pointed out that Australian stocks were about to soar on Wednesday, while New Zealand stocks descended after a recent growth.

American housing-related shares leapt 2% after the Commerce Department posted that new American single-family home sales tacked on suddenly in July to almost nine-year peaks.

The Dow Jones industrial average surged 0.1%, trading at 18,547.3. Meanwhile, the S&P 500 acquired 0.2%, trading at 2,186.9, the Nasdaq Composite gained 0.3%, being worth 5,260.08.

The positive housing data helped markets to extend their search for further hints to whether the Federal Reserve will lift American interest rates this year. 

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