Tokyo — Asian stocks rose to a four-month high on Thursday after the Federal Reserve pledged to be patient with further interest rate hikes, signalling a potential end to its tightening cycle amid signs of slowing global growth. The dollar struggled near a three-week trough against its major peers and US treasury yields were significantly lower as investors reacted to the Fed’s change in tone. MSCI’s broadest index of Asia-Pacific shares outside Japan rose to its highest since October 4 and was last up 0.7%. Japan’s Nikkei rose 0.9%. The Shanghai Composite Index climbed 0.8% despite data showing China's factory activity contracted for a second consecutive month amid weakening orders. Australian stocks edged up 0.1%. The Fed on Wednesday held interest rates steady as expected, and also discarded its promises of “further gradual increases” in interest rates. The central bank said it would be “patient” before making any further moves amid a suddenly cloudy outlook for the US economy du...
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