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Nikkei Rallies as Fed Rate Cut Hopes Lift Sentiment, Cyclical Stocks


Wednesday, 5 June 2019 10:17 WIB

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Japan’s Nikkei rebounded sharply on Wednesday morning thanks to a rally in U.S. stocks after U.S. Federal Reserve Chairman Jerome Powell signalled a possible rate cut in a boost to riskier assets.

The Nikkei share average rose 1.9% to 20,785.71 in midmorning trade, posting the biggest daily percentage gain since March 26.

All of the Topix’s 33 subsectors were in positive territory, with the broader Topix also jumping 1.8% to 1,526.26.

Powell said the central bank would act “as appropriate” to address trade war risks a day after St. Louis Fed chief James Bullard said a rate cut may be warranted soon. Powell said the Fed was “closely monitoring the implications” of a trade dispute that has disrupted global markets.

Source : Reuters


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