PT Solid Gold Berjangka | Asia markets mostly higher as Fed’s Powell signals rate cuts are on the horizon
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Solid Gold Berjangka | Asia-Pacific markets mostly rose after comments from U.S. Federal Reserve Chair Jerome Powell hinted that interest rate cuts may not be too distant if inflation signals support.
Speaking to the Senate Banking Committee, Powell didn’t offer an exact timeline for rate cuts, but noted they would go down soon.
Investors will also be watching the State of the Union address by U.S. President Joe Biden due 9 p.m. ET/ 10 a.m. Singapore time.
In Australia, the S&P/ASX 200 was on pace for a third straight day of gains, up 0.62%.
Japan’s Nikkei 225 traded close to the flatline, while the Topix slid 0.33% as January household spending fell more than expected, dropping 6.3% year on year compared with the 4.3% expected by economists polled by Reuters.
The metric gives a clue to whether inflation is outpacing wage gains, which is being closely watched by the Bank of Japan.
South Korea’s Kospi climbed 1.37%, while the small cap Kosdaq was up 0.68%.
Futures for Hong Kong’s Hang Seng index stood at 16,329, pointing to a stronger open compared with the HSI’s close of 16,229.78.
Overnight in the U.S., both the S&P 500 and Nasdaq Composite surged to record highs, as hopes over easing inflation and gains in tech aided Wall Street’s midweek bounce.
Source: CNBC