Sunday, 23 September 2018

Asian stocks near three-week top

asian stocks

HONG KONG: Asian shares rallied on Friday as risk appetite got a boost from soft US inflation, helping alleviate worries of faster rate hikes by the Federal Reserve, while investors also cheered US-North Korean steps to further ease tensions on the Korean Peninsula.

Thursday’s slower-than-expected April consumer price rises followed payrolls data last week which pointed to sluggish wage growth.

The two data sets meant “inflation may be rising but not so rapidly that the Fed would have to take aggressive actions to keep the economy from overheating,” said James McGlew, analyst at Perth-based stock broker Argonaut.

The recent shakeout in markets, partly stoked by Sino-US trade tensions, has also eased off, while money managers expect the relatively global low rates that fueled the ‘goldilocks’ boom in stock markets last year will remain in place for some time.

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