Stocks surge in Tokyo, Hong Kong after reassurance from China and Fed rate hike

BEIJING — Asian stock prices surged for a second day Thursday after the Federal Reserve announced its first interest rate hike since 2008 and China promised support for its real estate and internet industries.

The Nikkei 225 NIK in Tokyo surged nearly 3% while the Hang Seng HSI in Hong Kong rose more than 6%, adding to the previous day’s explosive 9.1% gain. The Shanghai Composite Index SHCOMP advanced 2.6%. Wall Street’s benchmark S&P 500 index rose 2.2% on Wednesday after the Fed raised its short term lending rate by 0.25 percentage points. The move was widely expected but investors were reassured it was smaller than the 0.5 percentage point hike advocated by some officials.

Other central banks also are preparing to withdraw stimulus they poured into the global economy after the coronavirus pandemic struck.

The two largest economies are focusing on growth going forward - what more does one need as a bullish catalyst

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