Asia stocks hit 2-week high as Fed talk turns dovish

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A Local Culinary Adventure: inspired by Halifax's Seaport Market | SaltWire #cooking #cookingtipsSINGAPORE - Asia's stockmarkets rose on Wednesday and the dollar beat a retreat as a dovish shift in tone from Federal Reserve officials had traders paring U.S. interest rate expectations, though with a wary eye on U.S. inflation data due on Thursday.

The remark follows several Fed officials noting that recent rises in longer-term yields may help do the work of tightening financial conditions and crimping inflation, leaving the central bank with less to do in terms of short-term rate levels. On Wednesday the Australian and New Zealand dollars hit their highest levels on the dollar since the end of September, while sterling hit a three-week peak. The euro held at $1.0607, near Tuesday's two-week high."Signs underlying U.S. inflation is moderating could reinforce the more watchful tone from U.S. Fed members about future policy, exerting more pressure on the dollar," said Peter Dragicevich, strategist at cross-border payments firm Corpay.

The subsea link connecting Finland with Estonia, which may take months to repair, was shut on Sunday and on Tuesday Finland's president said the damage was likely the result of"outside activity". Benchmark Dutch gas touched a seven-month high on Tuesday and settled 14% higher. Samsung shares jumped on a smaller-than-expected dive in third-quarter profit and on hopes the memory chip market is finally turning.

 

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