Asia stocks rise after Fed chair says US inflation temporary | National
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A man wearing a face mask walks past a bank’s electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 22, 2021. Asian shares have rebounded from their retreat a day earlier, tracking Wall Street’s recovery from the Federal Reserve’s reminder it will eventually provide less support to markets.
People wearing face masks walk past a bank’s electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 22, 2021. Asian shares have rebounded from their retreat a day earlier, tracking Wall Street’s recovery from the Federal Reserve’s reminder it will eventually provide less support to markets.
People wearing face masks walk past a bank’s electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 22, 2021. Asian shares have rebounded from their retreat a day earlier, tracking Wall Street’s recovery from the Federal Reserve’s reminder it will eventually provide less support to markets.
People wearing face masks walk past a bank’s electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 22, 2021. Asian shares have rebounded from their retreat a day earlier, tracking Wall Street’s recovery from the Federal Reserve’s reminder it will eventually provide less support to markets.
Flags adorn the facade of the New York Stock Exchange, Wednesday, June 16, 2021. Stocks are opening mostly lower on Wall Street Tuesday, June 22 as traders wait for more clues on the Federal Reserve’s thinking on inflation.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, June 23, 2021. Asian stock markets followed Wall Street higher on Wednesday after the Federal Reserve chairman said higher U.S. inflation probably is temporary, helping to calm fears central bankers might feel pressure to roll back economic stimulus.
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, June 23, 2021. Asian stock markets followed Wall Street higher on Wednesday after the Federal Reserve chairman said higher U.S. inflation probably is temporary, helping to calm fears central bankers might feel pressure to roll back economic stimulus.
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, June 23, 2021. Asian stock markets followed Wall Street higher on Wednesday after the Federal Reserve chairman said higher U.S. inflation probably is temporary, helping to calm fears central bankers might feel pressure to roll back economic stimulus.
BEIJING (AP) — Asian stock markets followed Wall Street higher on Wednesday after the Federal Reserve chairman said higher U.S. inflation probably is temporary, helping to calm fears central bankers might feel pressure to roll back economic stimulus.
Market benchmarks in Shanghai, Tokyo, Hong Kong and Seoul advanced. Sydney declined.
Overnight, Wall Street’s benchmark S&P 500 index rose 0.5% to near last week’s all-time high after Fed chairman Jerome Powell said inflation is mostly in areas that suffer supply shortages. He said inflation that hit 5% over a year earlier in May is likely to subside as economic activity revives.
Powell “affirmed a more balanced policy stance to some recent hawkish Fed rhetoric,” Anderson Alves of ActivTrades said in a report.
The Shanghai Composite Index rose 0.5% to 3,573.96 and Tokyo’s Nikkei 225 gained 0.1% to 28,916.68. The Hang Seng in Hong Kong advanced 1.1% to 28,611.27.
The Kospi in Seoul was 0.3% higher at 3,275.49 while Sydney’s S&P-ASX 200 shed 0.4% to 7,309.40.
New Zealand and Southeast Asian markets also advanced.
On Wall Street, the S&P 500 climbed to 4,246.44 after Powell acknowledged prices for used cars, airline tickets and some other goods were higher than anticipated by the Fed but said the increases would be temporary.
