Tokyo — Asian shares inched towards a five-month high on Wednesday and the dollar hovered near a three-week low after Federal Reserve chair Jerome Powell reinforced the US central bank’s shift to a more “patient” approach on policy in the face of a slowing economy. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced nearly 0.2%, climbing back toward the five-month peak scaled on Monday. Japan’s Nikkei share average gained half a percent, while Australian stocks were 0.2% higher. China’s blue-chip CSI300 and Hong Kong’s Hang Seng Index also rose, by 0.4% and 0.5%, respectively. US stock futures were basically flat, with e-minis for the S&P 500 holding steady following a technical disruption that halted trading for hours. “There is a fear in the market that sentiment has got a bit carried away on the positive side, especially given the experiences we had through October and through December, when we had some really sharp downward corrections,” said Nick Twidale, Sydney...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.