- Cummins back, Marsh and Head out of Pakistan ODI series
- Shanghai stocks swing after stimulus briefing as most of Asia rises
- New Zealand's Latham promises 'no fear' as he takes charge for India Tests
- Kyrgios vows to 'shut up' doubters with December comeback
- Public hearings start into death of Brit by Russian nerve agent
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- 'Stolen satire' feeds US election misinformation
- Rookie McCarty captures first PGA Tour title in Black Desert Championship
- Australia all-rounder Green ruled out of India Test series
- Seeing double in Nigeria's 'twins capital of the world'
- UK FM to attend EU foreign affairs talks for first time in 2 years
- Carter, Billups among 13 new Basketball Hall of Fame inductees
- Ravens rip Commanders as Lions lose NFL sacks leader in win
- Hezbollah drone strike kills four, wounds dozens at Israeli base
- China says launches military drills around Taiwan
- Stewart leads Liberty past Lynx to level WNBA Finals
- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
- Dominant England crush Scotland at Women's T20 World Cup
- Dropped: The rise and fall of Pakistan batting maestro Babar Azam
- Israel fights Hezbollah on the ground, pounds Lebanon from the air
- Sabalenka outlasts local hero Zheng to win third Wuhan Open title
Asian stocks track record day on Wall St, dollar extends losses
Asian markets rallied Thursday and the dollar extended losses after the Federal Reserve indicated it will begin cutting interest rates next year.
The surge across the region tracked a record-breaking day on Wall Street, where traders cheered a much-sought-after dovish pivot from the central bank as inflation comes down.
After more than a year of hiking, decision-makers at their last meeting of the year acknowledged that they were winning their battle against prices and discussed when to change tack to a looser monetary policy.
The Fed held rates at a 22-year high, as expected, and said the decision lets policymakers determine "the extent of any additional policy firming that may be appropriate".
The inclusion of "any", which was absent in November's decision, was added as "an acknowledgement that we believe that we are likely at or near the peak rate for this cycle", Fed chief Jerome Powell told reporters.
Officials also released their "dot plot" of future rates, which saw 75 basis points of cuts in 2024 -- more than indicated in September.
Traders are betting on 140 basis points of cuts over the next year, Bloomberg News said.
Powell said that while the forecasts were not set in stone, policymakers had spoken about when to begin slackening the reins.
"That begins to come into view and is clearly a topic of discussion out in the world and also a discussion for us at our meeting today," he said.
Kellie Wood, of Schroders, said: "The Fed has delivered an early Christmas present to markets.
"The next move is a cut and markets are now anticipating a faster and sharper easing cycle."
The news sparked a bullish surge on Wall Street, with the Dow ending at a record and above 37,000 for the first time, while the S&P 500 closed at a near two-year high.
Treasuries -- seen as a guide to future rates -- strengthened, with 10-year yields at a four-month low below four percent.
And the upbeat mood carried through to Asia, where Hong Kong, Sydney, Seoul, Singapore, Taipei, Manila and Jakarta all climbed more than one percent. Shanghai also rose.
Gold held above $2,000 following a bounce in reaction to Wednesday's news.
However, Tokyo dropped partly on a stronger yen, which jumped about 1.8 percent against the dollar.
Japanese traders were also keeping tabs on a political crisis engulfing Prime Minister Fumio Kishida after three ministers resigned over a major corruption scandal in the ruling party.
The greenback retreated across the board, with the euro and pound enjoying fresh strength.
US futures were again in positive territory.
While investors are in a buying mood, Paul McSheaffrey at KPMG China warned "I don't think this should be taken as a sign that rates will fall in the short term.
"The Fed will want to ensure they really have got inflation under control before reducing rates."
Oil prices extended a rally that came after data showed US stockpiles fell from the previous week.
They are, however, still sitting around six-month lows owing to concerns about rising output and slackening demand, particularly from China.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: DOWN 0.4 percent at 32,801.15 (break)
Hong Kong - Hang Seng Index: UP 1.4 percent at 16,457.64
Shanghai - Composite: UP 0.3 percent at 2,976.39
Dollar/yen: DOWN at 142.13 yen from 142.89 yen on Wednesday
Euro/dollar: UP at $1.0900 from $1.0878
Pound/dollar: UP at $1.2647 from $1.2617
Euro/pound: DOWN at 86.16 pence from 86.18 pence
West Texas Intermediate: UP 0.5 percent at $69.79 per barrel
Brent North Sea crude: UP 0.5 percent at $74.63 per barrel
New York - Dow: UP 1.4 percent at 37,090.24 (close)
London - FTSE 100: UP 0.1 percent at 7,548.44 (close)
A.Malone--AMWN