SINGAPORE : Asian equities rose on Wednesday and the dollar wobbled as weak U.S. labour data bolstered bets that the Federal Reserve was likely done with its interest rate hikes, while beaten-down China stocks rose for a third straight day. MSCI's broadest index of Asia-Pacific shares outside Japan rose
SINGAPORE : Asian equities rose on Wednesday and the dollar wobbled as weak U.S. labour data bolstered bets that the Federal Reserve was likely done with its interest rate hikes, while beaten-down China stocks rose for a third straight day.
Analysts though see a need for more action from Chinese authorities to sustain the rally."It will take more resolute policy measures and a sustainable recovery in earnings in order for the rally to last," Carlos Casanova, senior economist for Asia at UBP, said. "'Bad news is good news,' as the data supported bets for a sooner end of the Fed's hiking cycle despite the recent hawkish rhetoric of Fed Chair Powell," Tina Teng, markets analyst at CMC Markets, said in a note.
A much clearer economic picture will likely be revealed later in the week when U.S. payrolls and personal consumption expenditure reports are due. The yen weakened 0.15 per cent to 146.09 per dollar and remained at levels that led to intervention in the currency market last year by Japanese authorities.
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