Asian stock markets surged Friday after U.S. inflation eased by more than expected, spurring hopes the Federal Reserve might scale down plans for more...
BEIJING — Asian stock markets surged Friday after U.S. inflation eased by more than expected, spurring hopes the Federal Reserve might scale down plans for more interest rate hikes.The Shanghai Composite Index CN:SHCOMP added 1.2% after the ruling... BEIJING — Asian stock markets surged Friday after U.S. inflation eased by more than expected, spurring hopes the Federal Reserve might scale down plans for more interest rate hikes.The Shanghai Composite Index SHCOMP added 1.
The announcement “drove a ‘more dovish’ calibration of interest rate expectations,” said Yeap Jun Rong of IG in a report. On Wall Street, the S&P 500 SPX gained to 3,956.37, propelled by big gains for tech heavyweights. The Dow Jones Industrial Average DJIA gained 3.7%, or more than 1,200 points, to 33,715.37. The Nasdaq composite COMP , dominated by tech stocks, shot up 7.4% to 11,114.15 for its best day since March 2020, when Wall Street was rebounding from a crash at the start of the coronavirus pandemic.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inflation hits 7.7% in October as Federal Reserve mulls next moveInflation is still running hot as Americans prepare for the holidays.
Read more »
Fed's Harker: Fed can slow rate hike pace in coming monthsFederal Reserve Bank of Philadelphia President Patrick Harker said on Thursday that the US Federal Reserve could slow the rate hike pace in the coming
Read more »
Asian markets follow Wall Street lower ahead of U.S. inflation updateAsian stock markets followed Wall Street lower on Thursday ahead of a U.S. inflation update that will likely influence Federal Reserve plans for more...
Read more »
History As It Happens: When Volcker RuledIn the late 1970s, the national mood was dark. In the words of President Carter, Americans faced a 'crisis of confidence.' Inflation reached double digits. Stagflation entered the lexicon. An OPEC price increase led to an energy crisis. And there was the Iran hostage fiasco of 1979. As his presidency strained to regain its footing, Carter made an appointment that would leave a lasting mark on history. He picked Paul Volcker to lead the Federal Reserve. Volcker took up his new post by taking a sledgehammer to inflation, sending interest rates soaring above 20 percent and tipping the economy into recession in the election year of 1980. Volcker’s policies loom large today as Federal Reserve chairman Jay Powell struggles to curb the worst inflation since the early 1980s. In this episode, economist and Volcker biographer William Silber talks about the towering legacy of the Federal Reserve chairman, as well as the historical lessons Powell might heed.
Read more »
Credit card interest rates hit record highThe new high coincides with the Federal Reserve raising its key federal funds rate to a level not seen in more than a decade as it fights persistent inflation.
Read more »
Chainlink Labs offers Proof of Reserve service for embattled exchangesChainlink said its product is useful for “for verifying centralized exchange asset reserves, off-chain bank account balances, cross-chain collateral, real-world asset reserves, and much more.”
Read more »