Asian Stocks to Rise as Powell Reaffirms Rate Cuts: Markets Wrap

-- Equities in Asia were primed for gains Thursday after Jerome Powell reaffirmed his view the Federal Reserve will likely cut rates this year.Trump Got His $175 Million Bond From a Billionaire Fan’s Company

Fed Chair Powell reiterated that the central bank will take a wait-and-see approach before reducing borrowing costs. However, his views that recent inflation figures did not “materially change” the overall picture offered support for risk assets. Gold held a fresh record set Wednesday, when it topped $2,300 per ounce in a rally helped along by Powell’s support for potential rate cuts this year. West Texas Intermediate extended gains, poised for its fifth straight session of advances, leaving the US benchmark price at around $85 per barrel.Investors were also assessing the impact of the strongest earthquake to hit Taiwan in a quarter of a century. The shock killed at least nine people and has disrupted semiconductor production.

Investors appear to be showing “persistent” demand for US stocks, according to Citigroup Inc. strategists, suggesting there’s room for the rally to resume after the recent pullback.

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