Markets track Wall Street as Fed fans rate cut hopes

HONG KONG — Asian and European stocks rose Wednesday following fresh records on Wall Street after Federal Reserve chief Jerome Powell fanned hopes of an interest rate cut by saying the battle against inflation had made 'progress' and the job market was cooling.

The prospect of borrowing costs finally coming down from their 23-year highs in a few months helped push Wall Street higher, with the S&P ending above 5,500 points for the first time and the Nasdaq closing at a record.Asia continued the rally, with Tokyo, Hong Kong, Singapore, Taipei and Manila all more than 1 percent higher, while Sydney, Seoul, Mumbai, Bangkok, Wellington and Jakarta were also in the green, though Shanghai fell.London, Paris and Frankfurt joined the surge in morning trade.

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