BEIJING — Asian stock markets followed Wall Street higher Thursday after the Federal Reserve chairman said the U.S. central bank is in no hurry to withdraw support for the economy.
The Shanghai Composite Index SHCOMP, +1.07% rose 1% and the Nikkei 225 NIK, +1.50% in Tokyo gained 1.6%. The Hang Seng HSI, +2.15% in Hong Kong advanced 2.1%. Global stock prices have soared over the past six months on hopes for a coronavirus vaccine and central bank promises of abundant credit to support struggling economies. Those sentiments have faltered due to warnings the rally might be too early and that inflation might rise, prompting central banks to pull back.
On Thursday, the yield on the 10-year U.S. Treasury note, or the difference between the market price and what a buyer would be paid when the bond matures, widened to 1.40%, the highest in just over a year. That indicated investors were moving money out of bonds, a sign they expect inflation to rise, which would reduce the value of the payout.
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