Asian Stocks Advance After Tech Lifts Wall Street: Markets Wrap

-- Equities in Asia climbed Wednesday after a tech rally lifted Wall Street and bets on Federal Reserve rate cuts stabilized.Should Evictions Be Banned After Hurricanes and Climate Disasters?

New Zealand’s dollar fell and bonds rose after the nation’s central bank delivered a 50 basis-point cut on its benchmark rate. It is the Reserve Bank of New Zealand’s second straight reduction after it began its easing cycle with a quarter-point cut in August. Tuesday’s sharp drop in HK stocks “can be considered somewhat of a clearing event for purging some excess inflated overinflated expectations of stimulus from the market,” said Timothy Moe, Goldman Sachs’ chief Asia Pacific equity strategist. “We’ve level set things and I would think that from here we probably find a floor.”

Fed Bank of Boston President Susan Collins noted that rate cuts should be careful and data-based. Her Atlanta counterpart Raphael Bostic said while risks to inflation have come down, threats to the labor market have risen, though the economy is still strong. Governor Adriana Kugler said officials should keep the focus on bringing inflation to target, with a “balanced approach” that avoids a slowdown in jobs.

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