Asian stocks made broad gains on Thursday, extending an overnight global rally, while oil prices steadied at levels not seen since before Russia's invasion of Ukraine.
"Today for Asia it's really a story of whether zero-COVID will continue to impact the Chinese economy, which will of course have a spillover effect in terms of imports," said Gary Ng, senior economist at Natixis in Hong Kong.Markets are awaiting a speech by Federal Reserve Chairman Jerome Powell later today for signs of any let-up in the central bank's hawkish approach to tackling inflation.
CME Group's Fedwatch tool currently shows that expectations for a third successive 75-basis-point interest rate hike are at about 78 per cent, up from 69 per cent a week ago.
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