On Thursday, the 31st of January, the Asian stocks gathered pace, rising to a four-month high, after Fed Chair Jerome Powell had pledged to be patient while further increasing the lending costs, amid growing outcry on global stocks.
Following the casted down FOMC minutes, the Asian shares soared in to four-month high, while the American dollar had retested its October 16th low at 94.76. European and US stocks had also echoed the Asia’s lead, as indexes had been higher throughout Thursday, Jan.
the 31st, all over the world and the American dollar had faltered against a gauge of global currencies including the emerging market currencies as well. The MSCI’s broadest index of Asia-Pacific shares outside Japan had been jolted to its highest levels since October 4th, 2018 and it closed the day 0.9 percent up, while the Japan’s Nikkei 225 had secured a gain of 1.06 percent to 20,773.49.
The Hong Kong’s HKG33 posted a 1.08 percent gain to 27,942.47 and the mainland Shanghai Composite index rose 0.3 percent despite further distressing factory data showing a shrinkage in the factory activity for the second month in a row, amid much-weakened orders.
Meanwhile, the South Korean KOSPI kept surging, added 0.3 percent to yesterday’s (Jan 30th) gain. Citing an ease of pressure, confirmed by Fed’s dovish stance, a senior strategist at Sumitomo Mitsui Asset Management in Tokyo, Masahiro Ichikawa, said, “The Fed’s statements firmly confirmed its dovish stance, which had already been on display at the start of the year.
Market concerns towards the Fed’s rate hikes have now been put to rest. ”