Asia joins Wall St rally on US rates, China hopes

📆 8/1/2023 1:45 AM
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Markets rallied Monday, tracing another bump on Wall Street, where investors cheered a further slowdown in US inflation that stoked optimism the Federal Reserve will not have to hike interest rates again.

The gains built on last week's broad advance and were boosted by more pledges by China of measures to stimulate its stuttering economy.

The news follows a string of upbeat readings out of Washington that appear to show the central bank's long-running campaign of rate hikes is bearing fruit, while the economy remains in rude health. In early trade, Hong Kong jumped two percent while Shanghai, Tokyo, Sydney, Seoul, Singapore, Taipei, Wellington, Manila and Jakarta were also up.

The move comes as spending by China's army of consumers remains subdued even after the lifting of strict Covid containment measures late last year.

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