Asian stocks are moving higher on Thursday in the wake of the Federal Reserve chairman’s statements to the US Congress yesterday that he would support a smaller rate hike in the shadow of global uncertainty created by the Russian invasion of Ukraine.
On the board, the Japanese Nikkei rose 0.7% to 26,577.27 points.
In Hong Kong the Hang Seng Index strengthened by 0.5%, while in mainland China the Shanghai Composite is moving with small losses of 0.1%.
South Korea’s Kospi rose 1.6%, while in Australia the S & P / ASX 200 gained 0.5%. Indicators in Singapore, Taiwan and Malaysia are also gaining ground.
Earnings in Asia follow one Impressive rally yesterday at Wall Street with the Dow Jones index gaining 600 points and the S&P 500 jumping 1.9%, erasing this week’s losses. Fed Chairman Jerome Powell’s statements that the central bank will normally raise interest rates in March despite the great uncertainty, while clarifying that he supports an increase of 25 basis points instead of a larger increase of 50 bp. that the markets had begun to wait for. This will be the first interest rate increase from 2018.
The central banker also said that the impact on the US economy from Russia’s attack on Ukraine is characterized by a high degree of uncertainty.
Source: Capital
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