BEIJING, May 27 ― Asian shares extended overnight global gains thanks to strong results from regional tech firms and US retailers, while investors also took comfort from Federal Reserve minutes showing a pause to its rate hikes is on the cards later this year.
The United States will not block China from growing its economy, but wants it to adhere to international rules, Secretary of State Antony Blinken said yesterday in remarks that didn't come as a surprise to investors and political analysts. Upbeat guidance from retailers such as Department store operator Macy's Inc, discount chains Dollar General Corp and Dollar Tree appeared to offset dour warnings from their peers in recent weeks.
The Fed's minutes of its May meeting released on Wednesday confirmed two more 50-basis point hikes each in June and July, but policymakers also suggested the potential for a pause later in the year. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 2.4879 per cent compared with a US close of 2.488 per cent.
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