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Asian equities surge as market appreciates Fed meeting
On Monday, Asian equities soared led by the Hang Seng index because market sentiment on the global economic outlook was still firm ahead of an American key bank gathering this week.
The Nikkei 225 rallied 0.52%, while the Hang Seng tacked on 1.04%. Additionally, the Kospi leapt 1.0%. Meanwhile, in Australia S&P/ASX 200 earned 0.50%, the Shanghai Composte jumped 0.25%.
The Federal Reserve Open Market Committee is expected to have a two-day gathering slated for September 19-20, and the members are supposed to hold steady. Investors are waiting for initial details on winding back the Fed’s balance sheet.
The previous week, the ascend on Wall Street kept unrolling as American equities notched a weekly revenues on Friday notwithstanding data disclosing a sudden sag in retail sales the previous month tapering hopes for firm third quarter economic surge.
The Dow Jones Industrial Average concluded higher showing 2268.34. As for the S&P 500, it leapt 0.18%, the Nasdaq Composite concluded at 6448.47, ascending 0.30%.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.