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Asian stocks firmer after US Fed comments fuel appetite for risk

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MSCI Asia-Pacific index and Nikkei rise on expectations of a US interest rate cut

A man looks at an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan. Picture: REUTERS/KIM KYUNG-HOON

In oil markets, crude surged after the US said its navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, raising concerns about supply disruptions out of the region. Wall Street shares shook off a sluggish start and moved higher overnight thanks to Williams’ dovish comments.Australian stocks added 0.7%, South Korea’s Kospi rose 1% and Japan’s Nikkei advanced 1.65%.

The dollar index against a basket of six major currencies stood little changed at 96.787 after losing about 0.5% overnight to a two-week low of 96.671 in the wake of comments from Williams.

 

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