Premarket: Global stocks drift after Fed officials hint interest rates may not fall soon

Global stocks eased on Friday after Federal Reserve officials hinted U.S. interest rates may not fall any time soon, while commodities rallied on the back of optimism over a series of measures in China to stabilize its beleaguered property sector.

“Despite inflation cooling first time this year, the Fed are sticking to that chorus of ‘rates need to stay here for some time,’ ” City Index strategist Fiona Cincotta said. “That’s really poured a bit of cold water over the rate cut party.” Monetary policy is “restrictive” and “is in a good place,” Federal Reserve Bank of New York President John Williams said. “I don’t see any indicators now telling me ... there’s a reason to change the stance of monetary policy now.”

Shanghai’s CSI 300 ended up 1 per cent, while Hong Kong’s Hang Seng Index hit its highest since August, 2022, up 0.9 per cent at 19,553.61. Japan’s Nikkei closed 0.34 per cent lower at 38,787.38.

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