Asian Markets Mixed as Wall Street Rebounds; Fed's Powell Signals Possible Rate Cuts Ahead
• Asian shares traded mixed on Thursday following a recovery on Wall Street the previous day. Japan's Nikkei briefly hit a record high before closing down 1.2%.
• Federal Reserve Chair Jerome Powell reiterated that interest rate cuts may come this year but more inflation data is needed before the Fed will act.
• The S&P 500 rose 0.5% to 5,104.76, recovering some recent losses. Nvidia and Meta Platforms rose over 1%, lifting the index.
• Regional bank New York Community Bancorp jumped 7.5% on news of a $1 billion lifeline from investors including former Treasury Secretary Mnuchin.
• Job openings data showed little change in January, supporting the Fed's patient stance on future policy decisions regarding inflation and rate hikes.