Asian markets join global rally as China data beats forecasts

Recent developments bring relief to investors amid concerns of further Fed rate hikes due to strong economic data.

The region-wide gains built on a surge in New York and Europe fuelled by healthy readings on the US consumer sector and indications from the European Central Bank that it may have reached the end of its interest rate hiking cycle. The figures were the latest suggesting the economy could be stabilising, with inflation, trade and services all showing a marked improvement in recent weeks.

While the government has unveiled a number of targeted, piecemeal measures to charge the economy, investors have for months been calling for a “bazooka” stimulus similar to that seen in 2008 during the global financial crisis.Tokyo was also up more than one percent, helped by a rally in tech investor SoftBank that came after the firm’s chip design unit Arm soared 25% on its trading debut in New York.

“The Fed has indicated that they want to slow down the pace of rate increases, and for that reason they are still likely to keep rates unchanged at next week’s meeting,” Chris Zaccarelli at Independent Advisor Alliance said.

Source: Financial Digest (financialdigest.net)

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