Asian markets rallied Friday as comments from a top Federal Reserve official were pounced on by investors as indicating the central bank will ...
HONG KONG: Asian markets rallied on Friday as comments from a top Federal Reserve official were pounced on by investors as indicating the central bank will unveil a deep interest rate cut at the end of the month.
Markets have been wavering this week over how big the bank's expected reduction would be, with 25 basis points priced in but traders hoping for 50. Seoul jumped 1.4 per cent, Singapore gained 0.5 per cent and Sydney put on 0.8 per cent with Taipei adding 0.7 per cent. Wellington, Manila and Jakarta were also well up but Mumbai fell more than one per cent in disappointment with government plans for a super-rich tax.Channel NewsAsia - Sentifi topic widgetJeffrey Kleintop, chief global investment strategist at Charles Schwab & Co, warned that weakness in the world economy would eventually drag on markets.
However, the greenback did claw back slightly against its major peers following steep losses on Thursday.
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