Asian stocks rose and the dollar sagged on Thursday after Federal Reserve Chair Jerome Powell reinforced prospects of a U.S. interest rate cut later this month.
In an appearance before his congressional overseers on Wednesday, Powell confirmed that the U.S. economy is still under threat from disappointing factory activity, tame inflation and a simmering trade war.
Powell said the central bank stands ready to “act as appropriate”.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, while Japan's Nikkei added 0.15%.
South Korea's climbed 0.7%. Australian stocks were steady.
U.S. stocks ended higher on Wednesday and the S&P 500 briefly crossed the 3,000-point mark for the first time following Powell's remarks.
Source : Reuters