Asian stocks rose sharply on Thursday as a hawkish interest-rate hold by the Federal Reserve fueled hopes that the U.S. central bank is done with rate hikes. <\/p>\n
The Fed acknowledged the U.S. economy<\/span>‘s surprising strength, but also nodded to the tighter financial conditions faced by businesses and households – alleviating the need for a further rate hike. <\/p>\n The dollar tracked Treasury yields lower, helping gold prices push higher. Oil rebounded from a one-month low on apprehensions the Middle East conflict may spread. <\/p>\n China’s Shanghai Composite index was marginally higher while Hong Kong’s Hang Seng index jumped 1.6 percent, led by technology<\/span> stocks. <\/p>\n Japan’s Nikkei average was up 1.2 percent. Japan’s Vice Finance Minister for International Affairs Masato Kanda expressed concern over “one-sided, sharp” yen movements after the currency dropped to a one-year low against the dollar. <\/p>\n South Korea’s Kospi average was up more than 2 percent despite inflation accelerating in October. <\/p>\n Australia’s benchmark S&P ASX 200 gained 1.2 percent after data showed the country’s September goods trade surplus narrowed to its lowest in 32 months.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P NZX-50 index was up 1.5 percent. Weaker than expected ADP employment and manufacturing data also eased concerns about the outlook for interest rates.<\/p>\n The Dow rose 0.7 percent to close higher for the third consecutive session as the Fed skipped a rate hike for the third time this year. <\/p>\n The S&P 500 rallied 1.1 percent and the tech-heavy Nasdaq Composite jumped 1.6 percent. <\/p>\n European stocks extended gains for a third day running on Wednesday after data showed euro zone inflation fell to a two-year low of 2.9 percent in October and the euro area economy shrank slightly in the third quarter. <\/p>\n The pan European STOXX 600 advanced 0.7 percent. The German DAX gained 0.8 percent, France’s CAC 40 inched up 0.7 percent and the U.K.’s FTSE 100 edged up 0.3 percent. <\/p>\n
U.S. stocks rallied overnight as comments from Fed Chair Jerome Powell suggested that rate hikes were done. <\/p>\n