Asian equity markets ended mostly in green on Thursday, tracking firm overnight cues from Wall Street and Europe, as Fed Chair Janet Yellen's comments about gradual policy tightening soothed fears of a central bank moving too fast. In the first day of her testimony to Congress, Yellen on Wednesday reiterated the Fed's plans to raise rates and gradually reduce the size of its $4.5 trillion balance sheet, but said the federal-funds rate don't have to rise all that much further to get to a neutral policy stance. Chinese stocks ended higher, as investors were encouraged by China's solid trade data and Federal Reserve Chair Janet Yellen's signal to adopt a patient approach in the current US rate-tightening phase. Exports grew 11.3 percent year-over-year in June, faster than the 8.9 percent rise economists had forecast. Similarly, imports surged 17.2 percent from a year ago, bigger than the expected growth of 14.5 percent. Meanwhile, Japanese shares pared early gains to finish on a flat note as lower bond yields dragged down banking stocks and the yen firmed up, hurting exporters shares.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,218.16 | 20.62 | 0.64 |
Hang Seng | 26,346.17 | 302.53 | 1.16 |
Jakarta Composite | 5,830.04 | 10.91 | 0.19 |
KLSE Composite | 1,753.78 | -3.46 | -0.2 |
Nikkei 225 | 20,099.81 | 1.43 | 0.01 |
Straits Times | 3,235.67 | 26.76 | 0.83 |
KOSPI Composite | 2,409.49 | 17.72 | 0.74 |
Taiwan Weighted | 10,460.15 | 39.47 | 0.38 |
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