Asian shares were mostly higher Thursday as Wall Street and global markets wait for a highly anticipated speech from the U.S. Federal Reserve chair about...
TOKYO — Asian shares were mostly higher Thursday as Wall Street and global markets wait for a highly anticipated speech from the U.S. Federal Reserve chair about interest rates at the end of the week.
Benchmarks rose in Japan, Australia and South Korea. Trading was delayed in Hong Kong for a storm, while Shanghai shares were virtually unchanged in morning trading. “Market participants may want to see a more consistent recovery as a gauge of policy success before confidence is lifted,” said Yeap Jun Rong, market strategist at IG in Singapore.
It was the second straight day of modest moves for the market, but they follow some severe swings up and down over the prior weeks. Brian Jacobsen, senior investment strategist at Allspring Global Investments, doesn’t expect Powell to be clearly one or the other. Higher interest rates slow the economy in hopes of undercutting inflation. But they also risk choking off the economy if done too aggressively, and they pull down prices on all kinds of investments.
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