Posted 3/8/2024, 3:39:08 AM
Asian Markets Buoyed by Wall Street Gains and Prospect of Easier Rates
- Asian shares rose after Wall Street set more records, with easier interest rates possibly ahead
- Japan's Nikkei added 0.7% and Australia's S&P/ASX jumped 0.9%, but investors remained cautious about potential rate hikes
- On Wall Street, the S&P 500 rallied 1% to set its 16th record high this year, with the Dow up 0.3% and Nasdaq up 1.5%
- Fed Chair Jerome Powell said central bank is "not far" from delivering interest rate cuts that markets want, waiting for data confirming cooling inflation
- Treasury yields eased after reports hinted at potentially less pressure on inflation; job market and inflation updates Friday could impact rate cut timing