Asian markets were bullish in today’s session after the US Fed decided to raise interest rates by 75 basis points to tackle inflation, in a widely expected move.
Tokyo’s Nikkei 225 closes up 0.30%, Asia Dow gains 0.97%, Shanghai gains 0.40%, Sensex up 1.56%, Singapore’s Straits Times gains 0.34% .
An exception is the Hang Seng index in Hong Kong which is down 0.56% after the central bank raised interest rates.
In Australia the S&P/ASX 200 is moving 0.82% higher, the Kospi in Seoul is up 0.81%.
US Federal Reserve Chairman Jerome Powell gave an insight into the central bank’s next moves, which boosted the US market.
“As the stance of monetary policy tightens further, it will likely be appropriate to slow the pace of rate hikes while we assess how cumulative policy adjustments affect the economy and inflation,” Powell said.
We are almost two months away from the Fed’s next meeting, during which time data on jobs and inflation will be released twice, ING points out.
“A lot could happen in that time so it’s no surprise that the Fed is somewhat vague about what will happen going forward,” they added.
In Asia, the Australian Bureau of Statistics reported a 0.2% rise in retail sales for June, beating estimates for a 0.5% increase.
Also, Samsung’s second-quarter earnings improved slightly from better-than-expected initial estimates earlier this month, which sent processor shares rallying.
Operating profits increased to 14.1 trillion. won ($10.8 billion) compared to the 14 trillion won, while revenue increased to 77.2 trillion. won.
The company’s stock gained 0.32%.
Source: Capital
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