Asian shares rise on signs of US Fed slowdown, Nikkei at 2-month highs
1 min read . Updated: 24 Nov 2022, 08:44 AM IST
PremiumNikkei hits over 2-month high on hopes of Fed slowing rate-hike pace
Asian shares tracked Wall Street higher today, lifted by signals that the US Federal Reserve may slow the pace of interest rate hikes. Hopes of fresh economic stimulus from China also lifted sentiment with Japan's Nikkei surging over 1% to 2-month highs. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8%.
Overnight, Wall Street also edged higher after minutes from the Fed meeting earlier this month indicated several officials backed the need to moderate the pace of rate hikes, even as some underscored the need for a higher terminal rate. The S&P 500 closed at a two-month high Wednesday. US markets are closed for the Thanksgiving holiday today.
US stock futures were higher too. S&P 500 futures rose 0.2% while Nasdaq 100 futures rose 0.3%.
Indian stock markets are also set to open higher today. SGX Nifty futures were up at 18,329.
"As long as Nifty holds the support level of 18157, the immediate goalpost for the index is seen at its all-time-high at 18605 mark and then aggressive targets at the psychological 19000 mark," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.
On Wednesday, NSE Nifty 50 index advanced 0.13% to 18,267.25. Indian markets may also get support from falling oil prices after Group of Seven (G7) nations considered a price cap on Russian oil above the current market level. Brent crude futures plunged more than 3% on Wednesday on news that the planned price cap could be above the current market level.
MINT PREMIUM See All
The Indian rupee is also expected to open higher against the US currency after the dollar index declined more than 1% on Wednesday to below 106 and Treasury yields fell on the back of the U.S. data and the Fed minutes.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less