Asian Stocks Hit Record Highs as Fed Holds Rates, Gold Surges on Rate Cut Forecast
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Japan's Nikkei 225 closed at a record high, up over 2%, after the Fed maintained its forecast for 3 rate cuts in 2023. South Korea's Kospi also climbed over 2% to hit its highest level since April 2022.
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PDD Holdings, parent company of e-commerce site Temu, reported over 123% revenue growth in Q4 2022. Analysts say Temu's growth in China and the US has impressed consumers.
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Spot gold prices surpassed $2,200/oz, a new record high, after the Fed reaffirmed plans for 3 rate cuts. Analysts expect prices could rise to $2,300/oz or more later this year.
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Japan's February exports beat expectations, climbing 7.8% y/y. The country also saw an improvement in business confidence in March.
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US stocks rallied in afternoon trading as investors reacted positively to the Fed's plans to keep rates steady while maintaining expectations for 3 cuts in 2024.