Asian shares hit five-month highs amid hopes that Fed hikes are over

rallied 1.4%, driven by a 4.9% surge in Chinese property stocks, as they extend a rebound from Monday when a top Politburo meeting fuelled hopes that more support to a battered sector is on the way.a quarter-point rate hike as widely expected. Chair Jerome Powell in his press conference said the Fed no longer expects a recession.

"Even though the Fed has left the door open for an additional rate hike before the end of the year, we believe that we've now reached peak cycle – the Fed tightening cycle is done," said David Chao, a global market strategist at Invesco. "We expect an increasing global risk appetite as markets continue to positively re-price recession risks, and ultimately look forward to and discount an economic recovery that could begin to unfold late this year."

Futures only imply a slim chance - about 20% - that the central bank could surprise with a quarter-point increase in September. They also moved to price in sizeable rate cuts of 125 basis points by the end of next year. On Wall Street, stocks ended little changed after the Fed hike, with the tech-heavy Nasdaq closing lower, dragged down by

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