Asian shares edge up to five-week high
Equities inch higher, after Federal Reserve chair Jerome Powell reiterates the central bank’s patience in raising interest rates
Tokyo — Asian stocks inched up to five-week highs on Friday, after Federal Reserve chair Jerome Powell reiterated the central bank will be patient about raising interest rates and news that trade talks between Washington and Beijing are moving to higher levels. As the Fed’s dovish stance kept a lid on the dollar, China’s yuan rose to its highest levels in more than five months and was on course for its biggest weekly gains since the 2005 revaluation in onshore trade. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2% to the highest levels since December 6, while Japan’s benchmark Nikkei advanced 0.7%. Shanghai Composite Index initially rose 0.8%, but that was pared to just 0.1%. Wall Street extended its rally into a fifth consecutive day on Thursday in a whipsaw trading session as investors responded to mixed comments by Powell, while a warning from Macy’s pummelled retail stocks. At the Economic Club of Washington, Powell reiterated the views of other policymake...
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