A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, June 26, 2020. Asian stock markets followed Wall Street higher on Friday after U.S. regulators removed some limits on banks' ability to make investments.
Markets regained momentum after the Federal Reserve and other regulators announced they will ease rules that limit banks’ ability to invest in hedge funds and some other areas. The change could help to boost bank profits after central banks cut interest rates to almost zero in response to the coronavirus pandemic.Gains were relatively small because Washington delivered no more than was expected, Stephen Innes of AxiTrader Corp. said in a report.
On Wall Street, the future for the benchmark S&P 500 index was down flat while that for the Dow Jones Industrial Average lost 0.3%. On Thursday, the S&P 500 index rose 1.1%. The Dow gained 1.2% and the Nasdaq composite, which hit an all-time high earlier this week, gained 1.1%. Analysts say investors are looking ahead to a possible rebound from the deepest global downturn since the 1930s and trying to buy companies that will thrive after the pandemic ends. But they warn the market rise might be too fast and too early to be sustained by an uncertain economic outlook.
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