Arab Today, arab today after fed lowers rate hike forecasts
Last Updated : GMT 23:02:52
Arab Today, arab today
Arab Today, arab today

Asia stocks, oil rally

After Fed lowers rate hike forecasts

Arab Today, arab today

Arab Today, arab today After Fed lowers rate hike forecasts

Federal Reserve Chair Janet Yellen speaks during a press conference in Washington
Hong Kong - Arab Today

Stocks, emerging market currencies and oil all rallied in Asia on Thursday after Federal Reserve chief Janet Yellen lowered her expectations for US interest rate hikes this year.

In a statement following the Fed's latest policy meeting, Yellen cited concerns about the impact on the US economy of recent turmoil in global markets, weakness in China and Europe, and the plunge in crude prices.

Her comments came after the central bank cut its outlook for US growth for this year and painted a picture of the economy that was less upbeat than many had expected.

But crucially it forecast a slower pace of interest rate rises than foreseen in December, when it announced its first hike in almost a decade.

Yellen said policymakers had opted for "a slightly more accommodative path" given "soft" US business investment and weak exports in recent months.

The prospect of rates staying at ultra-low levels for some time boosted US shares, gains that extended into Asian trade.

Hong Kong added one percent in the afternoon and Shanghai put on 1.2 percent, while Sydney ended up one percent and Seoul was 0.7 percent higher. Singapore put on one percent and Manila rallied almost two percent.
However, Tokyo succumbed to late selling to end 0.2 percent down.

"The Fed’s stance is relatively friendly," Mitsushige Akino, executive officer at Ichiyoshi Asset Management Co. in Tokyo, told Bloomberg News.

"The difference in the stance between the market and the authorities has shrunk, and we’ve managed to get through an important event without drama."

- Dollar tumbles -

The dollar tumbled to 112.57 yen in New York from 113.71 yen earlier Wednesday in Asia and on Thursday it extended its losses to 111.84 yen.

The euro jumped to $1.1249 Thursday from $1.1226 in US trade and well up from the $1.1090 in Tokyo Wednesday.
The dollar plunged against emerging currencies, with the South Korean won up 1.7 percent, the Australian dollar two percent higher, Indonesia's rupiah put on 1.4 percent and the Thai baht was 0.6 percent higher.

There were also sharp gains for the New Zealand dollar and Singapore dollar. The oil-dependent Malaysian ringgit rallied 1.3 percent.

On oil markets, US benchmark West Texas Intermediate surged almost six percent Wednesday and Brent more than four percent as the weaker dollar makes the commodity cheaper for clients using other currencies. In afternoon trade Thursday WTI added 1.3 percent and Brent 0.5 percent.

Adding to buying sentiment was news that key producers including Saudi Arabia and Russia will hold a meeting next month to discuss output levels,with hopes they will agree a freeze.

The jump in crude boosted energy firms, with Hong Kong-listed CNOOC up more than five percent and PetroChina 4.4 percent higher.

In Sydney, Rio Tinto gained 2.4 percent and BHP Billiton was also up 2.4 percent.

- Key figures around 0700 GMT -

Tokyo - Nikkei 225: DOWN 0.2 percent at 16,936.38 (close)

Shanghai - composite: UP 1.2 percent at 2,904.83 (close)

Hong Kong - Hang Seng: UP 1.0 percent at 20,454.80

Euro/dollar: UP at $1.1249 from $1.1226 on Wednesday

Dollar/yen: DOWN at 111.84 yen from 112.57 yen

New York - Dow: UP: 0.4 percent at 17,325.76 (close)

London - FTSE 100: UP 0.6 percent to 6,175.49 (close)
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today after fed lowers rate hike forecasts Arab Today, arab today after fed lowers rate hike forecasts

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 11:11 2017 Tuesday ,21 February

Warns potential suspension of work

GMT 06:21 2017 Monday ,20 February

Decline of Iraq’s foreign reserves to $49bn

GMT 18:15 2017 Sunday ,19 February

Official accuses militias of challenging companies

GMT 06:51 2017 Saturday ,18 February

Blames government for economic crisis

GMT 06:35 2017 Saturday ,18 February

MP calls for re-operating closed companies

GMT 13:35 2017 Friday ,17 February

Confirms Britain is biggest investor in Egypt

GMT 15:55 2017 Thursday ,16 February

Egyptian foods completely unobserved nor healthy
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday