Asian equity markets ended higher on Monday after Fed Chair Jerome Powell expressed confidence over the US economy and justified gradual interest rate hikes. At the Jackson Hole Symposium in Wyoming, Powell said that as the most recent FOMC statement indicates, if the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate. Japanese shares ended at a 10-week high, with a relatively cheaper yen and record highs on Wall Street Friday supporting underlying sentiments. Further, Chinese shares ended at two-week highs, lifted by a stronger yuan after a tweak in the central bank’s management of the currency boosted airline stocks and other firms with heavy dollar exposure.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,780.90 | 51.47 | 1.85 |
Hang Seng | 28,271.27 | 599.40 | 2.12 |
Jakarta Composite | 6,025.97 | 57.22 | 0.95 |
KLSE Composite | 1,811.60 | 3.01 | 0.17 |
Nikkei 225 | 22,799.64 | 197.87 | 0.87 |
Straits Times | 3,225.62 | 12.62 | 0.39 |
KOSPI Composite | 2,299.30 | 6.09 | 0.26 |
Taiwan Weighted | 10,902.21 | 92.86 | 0.85 |
