Asia extends global stock recovery as Trump fears ease
HONG KONG (AP) — Asian shares rallied Thursday, extending a surprising global recovery as Donald Trump's conciliatory acceptance speech comments helped soothe world financial markets spooked by his unexpected U.S. election victory.
Investors had worried because his campaign promises carried few policy details, making him an unknown quantity compared with his rival, Hillary Clinton, seen as a safe choice.
"The stunning turn in sentiment suggests there is now a consensus building that much of the policy announced during the campaign was a sales pitch rather than a commitment to act," said Michael McCarthy, chief strategist at CMC Markets.
Some industries got a bump from investors' hopes that Trump's plans for infrastructure spending, tax cuts and lighter regulation will benefit the U.S. economy, the world's biggest.
In other currencies, the Mexican peso was steady after declining 8 percent versus the dollar on fears Trump would cancel favorable trade deals with Mexico.