- Geoffrey Hinton, soft-spoken godfather of AI
- Ex-Barcelona and Spain great Iniesta retires aged 40
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Ex-skipper Skelton eyes Wallabies November return
- Spanish great Iniesta leaves indelible legacy after retirement
- Indian Kashmir elects first regional government in a decade
- Hong Kong stocks crash, oil prices retreat on fading China boost
- Man City accuse Premier League of 'misleading' claims after legal case
- Duo wins Physics Nobel for key breakthroughs in AI
- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
- Chiefs battle past Saints to stay unbeaten
- Deal on climate aid hangs in balance at UN COP29 summit
- Royals hit back against Yankees, Tigers maul Guardians
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Australia moves to expand Antarctic marine park
- Tragedy of Madrid street sweeper highlights how heatwaves kill
- Survivors wait for aid as Trump's lies help cloud Helene response
CMSC | -0.53% | 24.57 | $ | |
SCS | -0.15% | 12.95 | $ | |
NGG | -1.56% | 65.48 | $ | |
RIO | -0.11% | 69.62 | $ | |
CMSD | -0.09% | 24.79 | $ | |
JRI | -0.76% | 13.18 | $ | |
BCC | 1.68% | 141.27 | $ | |
RBGPF | 100% | 60.52 | $ | |
BCE | -0.54% | 33.53 | $ | |
BTI | -0.26% | 35.2 | $ | |
RYCEF | -0.15% | 6.87 | $ | |
GSK | -0.49% | 38.63 | $ | |
VOD | 0.31% | 9.69 | $ | |
RELX | -0.54% | 46.04 | $ | |
BP | 0.78% | 33.14 | $ | |
AZN | -0.78% | 76.87 | $ |
Asian markets track Wall St records after Powell hints at rate cut
Asian stocks on Thursday tagged along with a Wall Street rally that saw another round of record highs as bets on a September interest rate hike surged following comments by Federal Reserve boss Jerome Powell.
The advances also saw Hong Kong and Shanghai push higher after struggling in recent weeks over worries about the Chinese economy, with investors awaiting a key Communist Party meeting next week.
On a second day of testimony to lawmakers, Powell said decision-makers would not wait until inflation had hit the bank's two percent target before loosening monetary policy, adding: "If you waited that long, you've probably waited too long."
His remarks came before the release of the latest consumer price index reading on Thursday, which is expected to show a further slowdown.
Traders ramped up bets on the Fed reducing borrowing costs in two months' time, with analysts saying Powell was telegraphing to markets that the decision had been made.
The comments soothed recent fears among investors that officials might keep rates at their two-decade high for some time owing to a still strong labour market and inflation staying stubbornly above two percent.
The S&P 500 ended with a sixth straight record, while the Nasdaq also finished at an all-time peak.
And the upbeat mood filtered through to Asia, where Hong Kong jumped more than one percent, while Tokyo, Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei, Manila and Wellington also rose.
Eyes are also turning to the start of China's Third Plenum gathering on Monday, where top officials including President Xi Jinping are expected to discuss ways to kickstart the world's number two economy in the face of an ongoing property crisis and geopolitical issues.
However, while there is hope for some sort of major policy announcement, commentators remain cautious.
Andrew Batson, of Beijing-based consultancy Gavekal Dragonomics, told AFP he did not expect a "fundamental departure from the course Xi has already laid out", in which technological self-sufficiency and national security outweigh economic growth.
Nomura's Ting Lu added that the meeting was "intended to generate and discuss big, long-term ideas and structural reforms instead of making short-term policy adjustments".
Economic growth in the first quarter of the year came in above forecasts and is tipped to top the government's five percent goal for April-June, but the meeting comes amid ongoing concerns that officials are not providing enough support.
Taylor Nugent at National Australia Bank warned: "Further monetary policy easing is constrained by a reluctance to allow further depreciation in the renminbi, and expectations are low for any big policy shift at the Third Plenum."
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: UP 0.8 percent at 42,179.84 (break)
Hong Kong - Hang Seng Index: UP 1.3 percent at 17,697.76
Shanghai - Composite: UP 0.8 percent at 2,962.89
Euro/dollar: UP at $1.0840 from $1.0833 on Wednesday
Pound/dollar: UP at $1.2862 from $1.2848
Dollar/yen: DOWN at 161.58 yen from 161.71 yen
Euro/pound: DOWN at 84.27 pence from 84.29 pence
West Texas Intermediate: UP 0.8 percent at $82.79 per barrel
Brent North Sea Crude: UP 0.9 percent at $85.81 per barrel
New York - Dow: UP 1.1 percent at 39,721.36 (close)
London - FTSE 100: UP 0.7 percent at 8,193.51 (close)
Y.Aukaiv--AMWN