- Windies sweat on injury to 'crucial' Taylor at World Cup
- Lebanon says 11 dead, 48 injured in Israeli strikes on Beirut
- Panama lashes out at EU over tax haven 'outrage'
- Erdogan says Gaza 'shame of humanity', calls for permanent ceasfire
- TD Bank to pay more than $3 bn to US in money-laundering case
- SAfrica prosecutors drop criminal complaint against president
- 'Good opportunity': Nagelsmann upbeat despite Germany's long injury list
- Hurricane whips up bitter US election battle
- Cameroon bans media talk of president's health amid rumours
- NFL MVP Jackson and rookie phenom Daniels set for showdown
- Chad's capital under threat as floodwaters rise
- Lebanon state media says Israeli strikes hit central Beirut
- No answers on strike on reporters in Lebanon one year on: watchdog
- Ramharack picks four wickets as Windies beat Bangladesh in Women's T20 World Cup
- France's City of Light switches to climate-resilient power cables
- Djokovic hails Nadal 'legacy' as Alcaraz in 'shock' over retirement
- Obama hits campaign trail for Harris
- Delta eyes Election Day travel pullback as profits climb
- Djokovic tells Nadal: 'Your legacy will live forever'
- Ethel Kennedy, wife of RFK, dead at 96
- Zelensky denies ceasefire with Russia under discussion on trip
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- After long fight for glory, Nadal leaves with a legacy of memories
- Home hopes Zheng and Wang through to last-eight in Wuhan Open
- UN peacekeepers say Israel fired on Lebanon HQ, injuring 2
- UK's William and Kate in first joint public engagement since cancer treatment
- Alcaraz out as top players pay tribute to Nadal at Shanghai Masters
- Racing's Farrell 'not thinking' about British and Irish Lions
- Alcaraz, Sinner pay tribute to 'unbelievable' Nadal at Shanghai Masters
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- After K-pop, K-novels? South Korean Nobel win sparks joy, hope at home
- After Nadal exit, Djokovic left to rage against dying of the light
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Triple centurion Brook happy to break Dad's club record
- Zelensky touts 'victory plan' against Russia in Macron talks
- Musk finally unveiling his long-promised robotaxi
- UN peacekeepers accuses Israel of firing on Lebanon HQ
- London's Frieze art fair goes potty for ceramics
- Southgate taking year out from coaching
- US, Europe stocks fall on US inflation data
- Zelensky meets Macron in Paris as part of European tour
- Hurricane Milton shreds Florida stadium roof
- UN probe accuses Israel of seeking to 'destroy' Gaza healthcare
- US consumer inflation eases to 2.4% in September
- England in sight of victory after Brook's triple hundred
- Juventus readmitted to ECA after failed Super League revolt
- World number 2 Alcaraz knocked out of Shanghai Masters by Machac
- Leaders of Egypt, Eritrea, Somalia meet amid regional tensions
- Klopp's Red Bull decision 'ruined life's work' say Dortmund fans
- Han Kang wins South Korea's first literature Nobel
RBGPF | 4.03% | 63.35 | $ | |
RYCEF | 0% | 6.9 | $ | |
CMSC | 0.15% | 24.557 | $ | |
BCC | -2.88% | 138.41 | $ | |
SCS | -3.7% | 12.565 | $ | |
BTI | -0.97% | 35.14 | $ | |
AZN | -0.99% | 76.745 | $ | |
NGG | 0.14% | 65.72 | $ | |
RIO | 0.53% | 66.705 | $ | |
GSK | -2.85% | 39.125 | $ | |
RELX | -0.77% | 46.355 | $ | |
JRI | -0.1% | 13.207 | $ | |
VOD | -0.31% | 9.7 | $ | |
BCE | -1.71% | 32.75 | $ | |
BP | 0.9% | 32.27 | $ | |
CMSD | 0.27% | 24.746 | $ |
Asian markets lifted by US data and fresh rate cut hopes
Asian markets rose Thursday after US data provided a fresh indicator that inflation was easing and Federal Reserve boss Jerome Powell soothed worries about the bank's plans to cut interest rates this year.
An equities rally that started at the back end of 2023 has stuttered in recent weeks after a string of reports suggested the economy was too strong and price too sticky for officials to begin easing monetary policy this year.
Warnings from decision-makers that they were worried about bringing down borrowing costs too soon have also played on investors' minds, causing them to pare back expectations for how many -- if any -- were coming before January.
But those concerns were allayed somewhat Wednesday when Powell said he still saw cuts coming this year.
He told a conference in California that rates, which are at a two-decade high, were doing their job but said moving too soon could be "quite disruptive" for the world's top economy.
But if the economy continues to evolve as expected, most Fed participants still expect it will be "appropriate to begin lowering the policy rate at some point this year".
Evercore's Krishna Guha said: "Powell says recent data has not materially changed the picture.
"We read this as confirming that the spasm of concern in markets that the economy might be too strong for the Fed to cut in June was overdone -- and the base case remains June and three cuts this year."
Confidence among traders was given an extra lift by figures showing a slowdown in growth in the services sector and a sharp drop in input costs during March, suggesting an easing of inflation.
That contrasted with a stronger-than-expected reading of US manufacturing and prices paid earlier this week, which sparked questions about the Fed's rate-cutting timeline.
A report pointing to a further slowdown in eurozone inflation gave confidence an extra boost.
The S&P 500 and Nasdaq rose on Wall Street, and most of Asia followed suit.
Tokyo, Sydney, Seoul, Singapore and Jakarta were all in the green, though there were small losses in Manila and Wellington.
Hong Kong and Shanghai were closed for holidays.
Traders are now looking forward to the release of US jobs data, which is due Friday, and could have a bearing on the Fed's plans.
A big miss on the downside could boost hopes for a June rate cut, though a forecast-beating read would likely spark a sell-off in markets.
Gold hit another record, $2,304.96 per ounce, according to Bloomberg News, after Powell's remarks, with geopolitical concerns fuelled by the Middle East crisis and Ukraine war.
And oil was sitting around five-month highs owing to worries about Israel's battle with Hamas and Iran's warning to retaliate over a blast at a consular annex in Damascus that killed seven Revolutionary Guards, including two generals. Tehran blames Israel.
A call by OPEC+ call for its members to maintain its strategy of reducing output also helped push up prices.
- Key figures around 0300 GMT -
Tokyo - Nikkei 225: UP 1.7 percent at 40,101.82 (break)
Hong Kong - Hang Seng Index: Closed for holidays
Shanghai - Composite: Closed for holidays
Dollar/yen: DOWN at 151.68 yen from 151.70 yen on Wednesday
Euro/dollar: UP at $1.0843 from $1.0837
Pound/dollar: UP at $1.2652 from $1.2650
Euro/pound: UP at 85.72 pence from 85.64 pence
West Texas Intermediate: UP 0.3 percent at $85.69 per barrel
Brent North Sea Crude: UP 0.3 percent at $89.60 per barrel
New York - Dow: DOWN 0.1 percent at 39,127.14 (close)
London - FTSE 100: FLAT at 7,937.44 (close)
F.Pedersen--AMWN