Asian stocks only gained modestly after a lift in US consumer confidence drove the S&P 500 to above a closing level of 2,000 for first time.
Sydney’s S&P/ASX 200 rose 0.2 per cent and South Korea’s Kospi Composite jumped 0.4 per cent, while Hong Kong’s Hang Seng was flat.
Japan’s Nikkei 225 began the session higher but after the yen strengthened 0.2 per cent the average pared gains and declined 0.3 per cent.
Overnight, US stocks edged up 0.1 per cent to fresh record highs and their European counterparts hit their best levels in a month as the markets continued to focus on the prospect of further policy accommodation from the European Central Bank.
But aside from a US consumer confidence index rising to a post-crisis high, “not a lot changed” in the overnight session, according to analysts at Credit Agricole. “Market tone remains positive with European indices leading the gains once again,” they said
