Asian stocks open higher as Fed's Powell nixes inflation fears | Malay Mail

Australia's S&P/ASX 200 rose 0.90 per cent in early trade while Japan's Nikkei 225 added 1.37 per cent. — Reuters picMIAMI, Feb 25 ― Asian stocks perked up today after US Federal Reserve Chair Jerome Powell reaffirmed interest rates would stay low, calming market fears that higher inflation might prompt the central bank to tighten the monetary spigot.

In a second day of testimony in Washington, Powell reiterated the Fed's promise to get the US economy back to full employment and to not worry about inflation unless prices rose in a persistent and troubling way. The dollar hit fresh three-year lows against the pound and commodity-linked currencies including the Canadian, Australian and New Zealand dollars, which are expected to benefit from a pick-up in global trade as growth rebounds.

Shares of GameStop Corp, at the centre of a volatile retail trading frenzy moves in late January, more than doubled in price in late trading and continued to soar in heavy, post-market trade.

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