· Asian shares jumped on Thursday to a three-month high and the dollar fell broadly after the Federal Reserve cut interest rates as expected and U.S. Treasury yields declined.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.53% to the highest since July 30. Hong Kong shares rose 0.93%, while Japan’s Nikkei stock index rose 0.43%.
U.S. Treasury yields slipped after the rate cut, but Fed Chairman Jerome Powell signalled additional trims are unlikely because there are several areas of strength in the U.S. economy.
· Japan's Nikkei edged higher on Thursday after the US Federal Reserve cut interest rates, but the market faced tough resistance as investors were eager to lock in profits after stellar gains this month.
The Nikkei share average ended up 0.37 per cent at 22,927.04 points, but stayed below a one-year intraday high of 23,008 touched earlier this week, with many investors keen to sell around 23,000.
It gained 5.4 per cent in October, its best monthly performance since September last year.
The broader Topix inched up 0.07 per cent to 1,667.01, and the turnover surged to 2.712 trillion yen, about 20 per cent above the annual average.
The market showed scant reaction to the Bank of Japan’s decision to modify its forward policy guidance by offering a stronger signal it may cut interest rates in future.
· China stocks ended lower on Thursday, as weak manufacturing data raised concerns over the pace of Beijing’s policy support to bolster the economy.
The blue-chip CSI300 index fell 0.1% to 3,886.75, while the Shanghai Composite Index lost 0.3% to 2,929.06.
· European stocks opened cautiously Thursday morning after the U.S. Federal Reserve cut interest rates for the third time this year, while corporate earnings season continues to impact markets.
The pan-European Stoxx 600 hovered around the flatline in early deals, with autos falling 0.8% on the back of a plunge for PSA Peugeot Citroen after its announcement of a merger with Fiat Chrysler. Utilities stocks made a strong start, adding 0.7%.
Reference: Reuters, CNBC
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