Asian shares scale a 10-year high on Wednesday, while oil prices extend a bull run on hopes that major producers will maintain output cuts. New data, though, raises question marks over China's manufacturing performance. Silvia Antonioli reports.
It's a day of records for financial markets. Asian shares rallied to their highest in 10 years while European stocks hit at two-year peak with crude prices also breaking through a 2-year-top SOUNDBITE (English) CMC Markets, Market Analyst, David Madden: "It's a mixture of easing from various central banks and also broadly speaking and improvements in economic indicators and political and economic optimism... are just going to keep his global equity markets pushing higher and higher." Boosting the Asian outlook, South Korean data showed last quarter's economic growth accelerated to its fastest pace in seven years. while growth in Taiwan during the same period was the strongest in 2 years and a half. But a warning came from superpower China. Growth in its manufacturing output slowed in October a signs of fatigue after an impressive sprint so far this year SOUNDBITE (English) CMC Markets, Market Analyst, David Madden: "Even though we may have seen a decline in the rate of output it is still firmly in expansion territory. This is partially because the Beijing government have decided to shift away from the heavy manufacturing side of the economy more towards the service side of the economy." Recent data broadly points to strong global economic growth of around 3.5 percent this year and China has surprised on the upside thanks to a resurgence in heavy industries such as steel, It's now almost sure to surpass the official target of around 6.5 percent.