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Asian shares climb, wager all on dovish Fed, trade hopes revive
Added 06-19-19 12:03:02am EST - “Asian shares hit five-week highs on Wednesday as investors hoped the Federal Res...” - Reuters.com
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Posted By TheNewsCommenter: From Reuters.com: “Asian shares climb, wager all on dovish Fed, trade hopes revive”. Below is an excerpt from the article.
SYDNEY (Reuters) - Asian shares hit five-week highs on Wednesday as investors hoped the Federal Reserve would follow the lead of the European Central Bank and open the door to future rate cuts at its policy meeting later in the day.
Indeed, ECB President Mario Draghi’s shock about-face on easing fueled talk of a worldwide wave of central bank stimulus, firing up stocks, bonds and commodities.
Adding to the cheer was news U.S. President Donald Trump would meet with Chinese President Xi Jinping at the G20 summit later this month, and that trade talks would restart after a recent lull. But most analysts do not expect a decisive breakthrough.
“We expect no real change following the G20 sideline meeting. (But) the fact that both sides are talking should at least postpone thoughts of a further increase in tariffs, for a while at least...,” ING’s Greater China economist Iris Pang said in a note.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.5% to a five-week top. Shanghai blue chips firmed 1.7% to a six-week peak.
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