HONG KONG, Jan 26 — Most markets rose today to provide some respite from the hefty selling at the start of the week, with focus on the end of the Federal Reserve’s policy meeting later in the day, when traders hope it will provide much-needed guidance on its plans for hiking interest rates.
While boss Jerome Powell pledged any tightening would be carefully calibrated, the prospect of higher borrowing costs has rattled markets across the world with most key indexes deep in the red from the start of the year, with Wall Street particularly hard hit. Michael Hewson at CMC Markets added: “While no changes to policy are expected... markets will be looking for clues as to how concerned Fed officials are about headline and whether they might be leaning towards a potential 50 basis point hike in March, rather than the 25 that is currently priced.
“I’m very comfortable that we are going to have a bottom here soon. Remember, the market is a manic crowd,” he said in a note.Hong Kong, Shanghai, Singapore, Wellington, Jakarta and Bangkok rose, though Tokyo, Seoul, Taipei and Manila edged down. Sydney and Mumbai were closed for holidays.
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