Asian markets higher as Powell signals rate cut

Thursday, 11. July 2019 04:30

Asian markets traded with gains on Thursday after United States Federal Reserve Chairman Jerome Powell hinted at a potential interest rate cut later this month. His comments sent stocks rallying on Wall Street, with the S&P 500 briefly breaking the 3,000 point mark.

"Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened. Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the US economic outlook," Powell said during his hearing on Capitol Hill.

The Nikkei 225 gained 0.34% at 4:04 am CET, while the South Korean Kospi Composite spiked 1.12%.

In China, the Shanghai Composite was up by 0.18% at 4:18 am CET, while the Shenzhen Composite jumped 0.88% at 4:20 am CET. At the same time, Hong Kong's Hang Seng leaped 1.25%.

Australia's S&P/ASX 200 rose by 0.15% at 4:21 am CET.

The dollar fell 0.42% against the yen, to go for ¥108.02 at 4:26 am CET.

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