Asia shares, bonds rally as Powell feeds hopes of end to rate hikes

asia-shares,-bonds-rally-as-powell-feeds-hopes-of-end-to-rate-hikes
Asia shares, bonds rally as Powell feeds hopes of end to rate hikes

Asian shares and bonds continued to rally on Thursday as investors bet that U.S. interest rates have peaked and cuts are imminent. The Federal Reserve Chair’s non-committal stance reinforced this belief. The market is now eagerly awaiting Apple’s quarterly results, which are expected to show a slight decrease in revenue. The MSCI’s broadest index of Asia-Pacific shares outside Japan surged to a one-week high, while Tokyo’s Nikkei crossed the 32,000 level for the first time in two weeks. China’s blue chips and Hong Kong’s Hang Seng index also saw gains. Stock futures in Europe and the U.S. followed suit. The Fed’s decision to hold the policy rate steady and Chair Jerome Powell’s less hawkish tone led to a rally in Fed funds futures, with markets now pricing in a 70% chance that rate cuts will begin in June 2024. Wall Street and Treasuries also rallied, with the S&P 500 and Nasdaq Composite posting significant gains. The benchmark 10-year Treasury yield dropped to its lowest level in over two weeks. Analysts believe that the Fed will remain on hold and closely monitor the economy in the coming months. The next major event for the market is the release of non-farm payrolls data on Friday. The dollar weakened against its peers, and risk-sensitive currencies, such as the Australian dollar, saw gains. The yen also regained ground. Oil prices rose due to concerns about potential disruptions in the Middle East, while the price of gold increased slightly.

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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