Asian shares pushed up with U.S. tax legislation in focus

Vastavam web: Asian shares pushed higher on Friday, cheered by Wall Street gains after apparent progress on U.S. tax legislation as investors waited for the Senate’s vote, while higher U.S. Treasury yields underpinned the dollar.Japan’s Nikkei stock index was up 0.8 percent in early trade, on track to gain 1.6 percent for the week.
“The Nikkei got a lift from the stronger dollar, while the market’s main focus is now whether the tax bill will pass or not,” said Yutaka Miura, a senior technical analyst at Mizuho Securities in Tokyo.Chances of passage of a Senate tax bill rose with the endorsement of Senator John McCain, as that branch of Congress moved toward a decisive vote. The House approved its own tax bill on Nov. 16.
News of McCain’s endorsement pushed up U.S. Treasury yields to five-week highs, which underpinned the recently beleaguered dollar.The 10-year Treasury yield stood at 2.415 percent in early Asian trade, steady from its U.S. close on Thursday, and above Wednesday’s U.S. close of 2.322 percent.The euro was also steady at $1.1908, below a two-month peak of $1.1961 scaled on Monday.Bitcoin was up 1.1 percent at $10,042, moving away from the previous session’s low of $9,000, and well shy of this week’s record high of $11,395.