Nikkei 225 set for 17th straight gain, rest of Asia higher

The stocks on the Asian bourses traded with mild gains on Wednesday, tracking the record high levels seen on the Wall Street overnight after the US yields and dollar rallied hard on news that the Republicans favored Taylor as the next Fed Governor in a show of hands. Taylor is the one with a hawkish bias on the Fed’s interest rate outlook.

The Japanese benchmark index, the Nikkei 225 extended its winning streak into a 17^th day today, as markets remain optimistic that an Abe win would push forward fiscal stimulus and tax reforms, which could aid the Japanese corporates.

Meanwhile, the Australian markets held onto minor gains amid renewed weakness in the AUD, after the Aus CPI figures disappointed markets and diminished the odds for an RBA rate hike. The ASX 200 index traded +0.10% just ahead of 5,900 levels.

China’s equity markets advanced, despite China’s top political body showing no clear successor to President Xi party congress in the line-up. China’s A50 index rose 0.26%, while the Shanghai Composite Index gained 0.20%.