Asian markets were positive on Thursday as investors await the Federal Reserve chairman’s crucial interest rate speech at the end of the week.
Japan’s Nikkei rose 0.6% to 28,479.01.
In Hong Kong, the Hang Seng index gained 1.5% as the opening of trade was significantly delayed by a typhoon, while in mainland China the Shanghai Composite edged up 0.05%. Indexes in Malaysia, Singapore and Taiwan are also gaining ground.
South Korea’s Kospi gains 0.95%, while in Australia the S&P/ASX 200 gains 0.7%.
The gains in Asia follow Wall Street’s higher close yesterday after three consecutive negative sessions amid a climate of nervous anticipation ahead of the Fed chairman’s speech on Friday.
Jerome Powell will speak at the central bank’s annual economic symposium in Jackson Hole, Wyoming, with investors hoping for new data on the bank’s moves in the coming months. Analysts, however, expect the Fed chief to reiterate that the central bank is determined to drive inflation back to its 2 percent target despite concerns about the risk that aggressive rate hikes could drag the economy into recession.
Source: Capital
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