Asian shares climb to four-and-a-half month high on Fed comments
31 January

Asian shares climb to four-and-a-half month high on Fed comments

Asian stocks soared to a four and a half month high on Thursday after the US Federal Reserve pledged to put interest rate rises on hold on increasing signs of slowing global growth. The move was in stark contrast to his hawkish outlook at the end of last year in when the Fed rose rates a quarter percentage point to 2.5%. “We believe we can best support the economy by being patient in evaluating the outlook before making any future adjustment to policy.” Jay Powell said. The MSCI’s broadest index of Asia-Pacific shares outside Japan climbed to its highest level since Oct 4, up +0.9%. Elsewhere we saw Hong Kong’s Hang Sang index rise +1.01%, with sharp gains in financial stocks. Whilst back on Wall Street, the Dow Jones and the Nasdaq rose +1.77% and +2.20% respectively on the developments with renewed hope the Fed’s pause will boost US economy and provide corporate profits with more room to run.

 

Blog Section

Tags

, , ,

Last Updated

Share This Post

Why is PhillipCapital UK the right choice for you?

Request More Information