Asia Stocks Advance After Fed; Aussie Declines: Markets Wrap
Added 09-18-19 10:04:02pm EST - “(Bloomberg) -- Stocks in Asia climbed amid optimism that central bankers are moving to support the global economy. Australia's dollar dropped following a mixed report on the country's job market. Japan's Topix rose more than 1% after…” - Finance.yahoo.com
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(Bloomberg) -- Stocks in Asia climbed amid optimism that central bankers are moving to support the global economy. Australia’s dollar dropped following a mixed report on the country’s job market.
Japan’s Topix rose more than 1% after the yen hit the weakest level since early August. The yen recouped some of the recent losses Tuesday. Hong Kong shares opened lower, while Chinese stocks were little changed.The S&P 500 ended the day flat after wiping out a slide in the wake of the Federal Reserve cutting its benchmark rate but holding off on saying another move is probable. The index rebounded after Chairman Jerome Powell said the Fed is “prepared to be aggressive” if growth faltered.
“In the end, we are keeping a keen eye on trade discussions, on recently concerning oil dynamics, on market liquidity, on Brexit, on the pace of slowing employment conditions, and as always on the inflation readings from here to determine if the Fed will have to cut rates again in October, or whether it will wait until December, or both months,” said Rick Rieder, BlackRock’s Chief Investment Officer of Global Fixed Income.
Fed forecasts showed that five top officials thought the benchmark rate should be higher at year-end than it is after Wednesday’s cut, five wanted the Wednesday reduction but weren’t projecting any more moves, and seven projected one more quarter-point cut by December.
As markets contend with U.S. policy makers’ disagreement on the outlook for the U.S. economy, focus in Asia shifts to the Bank of Japan. Though most expect rates and asset purchases to remain unchanged, investors will be on high alert after signs that policy makers are more positive about adding stimulus.
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