Asia firms' confidence hits near 2-year high on US, China pick-up

Beijing

BUSINESS sentiment at Asia's top companies rose to its highest in almost two years in the first quarter of 2017, buoyed by positive economic signs from the United States and China that underpinned improved global demand, a Thomson Reuters/Insead survey showed.

The Thomson Reuters/Insead Asian Business Sentiment Index, representing the six-month outlook of 96 firms, rebounded to 70 for January-March from 63 three months prior. A reading over 50 indicates a positive view.

During the quarter, the US and China - two top destinations for Asian exporters - reported a slew of upbeat economic data that was far better than market expectations.

"Optimism about the US economy, lack of immediate crisis in China, lack of bad news in Europe ... have reduced some of the immediate risks," said Singapore-based economics prof…