Asian stock markets followed Wall Street higher on Thursday after the Federal Reserve chairman downplayed the likelihood of bigger rate hikes following the...
BEIJING — Asian stock markets followed Wall Street higher on Thursday after the Federal Reserve chairman downplayed the likelihood of bigger rate hikes following the U.S. central bank’s biggest increase in two decades.
The Shanghai Composite Index SHCOMP gained 1.1% and Hong Kong’s Hang Seng HSI rose 0.7%. Sydney’s S&P/ASX 200 XJO advanced 0.9%. Benchmark indexes in New Zealand NZ50GR and Taiwan Y9999 also gained, while Singapore STI was about flat. Markets in Japan and South Korea were closed for holidays. The Fed raised its key rate to a range of 0.75% to 1%, the highest point since the coronavirus pandemic struck two years ago.
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