Asian Stocks Rally After Fed; Dollar Holds Advance

Asian stocks advanced after an upbeat assessment on the U.S. economy from Federal Reserve Chairman Jerome Powell comforted investors wary of a blowout in protectionism.

The MSCI Asia Pacific Index climbed 0.5 percent. Australia’s S&P/ASX 200 Index gained 0.7 percent and South Korea’s Kospi index was up 0.3 percent.

Equities climbed from Tokyo to Sydney and U.S. futures edged up after the Nasdaq Composite Index hit a record high despite disappointing subscriber numbers from Netflix Inc. The dollar held gains after Powell told a Senate committee that the Fed will continue to gradually raise interest rates “for now,” suggesting no iron-clad plan to keep tightening through next year.

Source: Bloomberg

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Asian Stocks Mixed as Investors Wait for Powell’s Testimony

Asian equities were mixed as investors await Federal Reserve Chairman Jerome Powell’s testimony to Congress Tuesday.

The MSCI Asia Pacific Index was little changed at 165.29 as of 4:45 p.m. in Hong Kong after rising as much as 0.3 percent earlier. Japan’s Topix index rose 0.9 percent after a three-day weekend, while Hong Kong’s Hang Seng Index fell 1.3 percent and China’s Shanghai Composite Index closed 0.6 percent lower.

Source : Bloomberg

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Asian shares fall as China data points to slowing growth

Asian shares were lower on Monday after data from China showed the world’s second-largest economy slowed slightly in the second quarter, and as investors remain cautious over the impact of the heated Sino-U.S. trade war.

Official data released Monday showed China’s economy grew 6.7 percent in the second quarter of 2018, in line with market expectations, and cooling a bit from the 6.8 percent growth registered in each of the previous three quarters.

More worryingly perhaps, the data also showed slower-than-expected growth in China’s industrial output.

Taken together, the data point to an economy continuing to slow under the influence of a multi-year crackdown on excessive financial risk, even as trade war headwinds gather.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4 percent.

Australian shares were down 0.4 percent, and Seoul’s Kospi lost less than 0.1 percent.

Japan’s markets are closed for a holiday.

Source: Reuters

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