Asian shares gain as Fed calms markets
Asian share markets traded positively during their early Wednesday session, with investors’ sentiment heavily supported by the Federal Reserve’s reassuring comments on inflation and monetary policies.
Japan’s benchmark index Nikkei took its 0.16% gain partly from the country’s economic readings. South Korean shares hiked 0.28%, while Hong Kong shares recorded a 0.78% jump. China’s Shanghai Composite and Australia’s ASX 200 dropped 0.02% and 0.41% respectively.
The dollar and U.S. Treasury yields declined further, while Bitcoin recovered from a sharp crash below its $30,000 mark.
Previously battered by the Fed’s sudden hawkish shift, the markets were starting to dismiss potential pressures after the central bank reaffirmed its continuous support for the economy through larger asset purchases and ultra-loose interest rates.