Asian stocks inched higher on Monday, with a rebound in the Hong Kong market hel...
TOKYO - Asian stocks inched higher on Monday, with a rebound in the Hong Kong market helping the mood, as investors remained cautious ahead of a closely-watched Federal Reserve meeting.
Asian markets got a quick boost after Hong Kong’s Hang Seng Index jumped as much as 1.4%. At the weekend, the territory’s leader Carrie Lam climbed down on a bill that would have allowed extradition to China. U.S. Secretary of State Mike Pompeo told Fox News on Sunday that President Donald Trump would raise the issue of Hong Kong’s human rights with China’s President Xi Jinping at a potential meeting of the two leaders at the G20 summit in Japan later this month.
“The week ahead is likely to provide some clarification for investors on three fronts that have been a source of uncertainty. The FOMC meeting, with updated forecasts, is center stage,” said Marc Chandler, chief market strategist at Bannockburn Global Forex. Hopes that global central banks will keep the money spigots open have helped to temper some of the fears, and all eyes are on the Fed’s two-day meeting starting on Tuesday.
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