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Stock market today: Asian shares gain after US Fed cuts interest rates

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Beijing,Federal Reserve System,China Government

Asian shares have advanced after most U.S. stocks rose as the Federal Reserve cut interest rates again to ease pressure on the economy. Regional investors were watching for much-anticipated steps by Beijing to rev up the slowing Chinese economy as the top body of the national legislature wrapped up a meeting this week. Oil prices fell while U.S.

A person walks in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Friday, Nov. 8, 2024, in Tokyo. A person walks in front of an electronic stock board showing Tokyo Stock Price index at a securities firm Friday, Nov. 8, 2024, in Tokyo. A person walks in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Friday, Nov. 8, 2024, in Tokyo.

Hong Kong’s Hang Seng added 0.5% to 21,055.62, and the Shanghai Composite index was up 0.7% to 3,495.38.that it will dismiss 9,000 workers and slash its global production capacity by 20% due to falling sales and rising costs and inventory. The Fed’s announcement that it was easing its main interest rate by a quarter of a percentage point caused few ripples in the market because even the precise size of it was so well anticipated by investors.

For now, Fed Chair Jerome Powell said, nothing is changing. “In the near term, the election will have no effects” on interest-rate policy, he said.

 

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