CP US MARKET UPDATE

Rising US consumer confidence and home prices painted a picture of a rebounding economy, helping Asian stock markets to post muted gains Wednesday.

 

Wall Street resumed its record-breaking rally on Tuesday after the Standard & Poor`s/Case-Shiller survey found that US home prices rose 10.9 percent in March, the most since April 2006. On top of that, the Conference Board in Washington reported consumer confidence rising to a five-year high.

"Market sentiment was given a lift overnight with the US consumer confidence index coming in higher than expected and the house price indices showing stronger gains, indicating a strong underlying momentum in the economy in the face of fiscal restraint," said Anthony Lam of Credit Agricole CIB in an email commentary.

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