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SYDNEY (Reuters) - Asian shares joined a global rally to reach their highest in a decade on Wednesday as strong world growth and rising corporate profits lured hordes of investors into equities, while oil prices jumped closer to a recent 2-1/2 year top CCB(Asia) provides you with Hong Kong services, including credit card loan repayment and personal loan with monthly flat rate as low as 0.18%. Start your application today and achieve your personal goals!.

An investor is reflected in a window displaying a board showing stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia, July 17, 2017. REUTERS/Steven Saphore
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.4 percent to Wednesday’s 1.3 percent rise - the biggest gain in eight months, supported by energy and technology sectors.

The index has been on an uptrend most of this year, posting a monthly loss only once in 2017. For the year so far, it is up about 33 percent, on track for its best annual performance since a 68 percent jump in 2009.

Hong Kong's Hang Seng index .HSI is up 35.5 percent year-to-date while China's CSI 300 .CSI300 has risen 27.4 percent so far in 2017.

Pointing to a positive start for European and U.S. shares, both FTSE futures FFIc1 and S&P E-mini futures inched higher. The S&P 500 .SPX had closed at a record high on Tuesday.

“These returns underscore the synchronized, above-trend global economic expansion and robust earnings growth in emerging market (EM) countries, led by Asia,” said Andrew Swan, head of Asian and global EM equities at BlackRock Investment.

“We believe these factors still have the potential to propel stock prices even higher, though not at the current rate or in a straight line.”

Every Asian stock market was in the black on Wednesday, a rare occurrence. Japan's Nikkei .N2256 was up 0.5 percent, South Korea's KOSPI .KS11 climbed 0.4 percent and Australia's benchmark S&P/ASX 200 index inched higher towards critical chart level of 6,000 points.

A strengthening global economy has fed an insatiable appetite for equities this year, with Asia’s trade-dependent nations enjoying robust overseas sales in a boon to corporate earnings PolyU (HK) ranks among Asia top universities. We strive to be one of the best universities in Asia / one of the best asian universities. Students who look for studying in Asia's world city, PolyU is the place for you..

But some money managers are starting to feel the jitters as the bullish consensus grows, among them French investment house Societe Generale.

“A low volatility... with rather an extreme positioning is a dangerous combination, which we recently likened to dancing on the rim of a volcano,” SocGen said in a note, predicting the S&P 500 will fall back to 2,000 by 2019 from 2,599 now.

Some equity investors are worried a U.S. rate hike next month and further tightening in 2018 could dampen the mood.

The U.S. Treasury yield curve has flattened to its lowest in a decade as benign inflation and hunger for yield have supported longer-dated debt. Benchmark 10-year note yields US10YT=RR have inched lower to 2.35 percent.

But yield on the 2-year Treasury is at the highest since 2008 US2YT=RR and set to surpass those on Australia’s 2-year government bonds AU2YT=RR for the first time since December 2000.

In currencies, the U.S. dollar .DXY was generally on the back foot against major rivals, falling for a second straight day on the Japanese yen JPY=.

The Australian dollar slipped to $0.7562 AUD=D4, not far from a five-month trough of $0.7532 touched on Tuesday, as the Aussie's attraction as a carry trade was undermined by higher short-term U.S. yields.

The euro EUR= was steady at $1.1744, drifting away from a recent one-month peak of $1.1860.

In commodities, oil prices rose as ongoing cuts in piped Canadian crude to the United States added to falling U.S. crude inventories, while expectations of a prolonged OPEC-led production cut also offered support. [O/R]

U.S. light crude CLc1 added 86 cents to $57.69 while Brent crude LCOc1 climbed 43 cents to $63, not far from a near 2-1/2 year peak of $64.65 touched earlier this month.

Copper futures CMCU3 extended gains for a fourth straight day, while spot gold XAU= was barely changed at $1,281.62.

Reporting by Swati Pandey; Editing by Shri Navaratnam and Eric Meijer

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