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International Finance: Stocks rally on Powell, China Covid; dollar slides: markets wrap

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Stocks extended gains in Asia after China appeared to soften its Covid stance and Federal Reserve chair Jerome Powell signalled a slowdown in the pace of interest-rate hikes.

to a three-month high. Treasury yields stabilised after large declines on Powell’s comments.

Sentiment in Asia got an extra China’s top official in charge of the fight against the coronavirus. Vice Premier Sunthe country’s efforts to combat the virus are entering a new phase with the omicron variant weakening and more Chinese getting vaccinated. Equities were buoyed by Powell’s indication that the Fed would balance tackling inflation with supporting the economy, said Krishna Guha, head of central bank strategy for Evercore ISI.

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