Asian markets bounce back after Wall Street rally
China shares jumped five per cent.
Asian shares soared today (September 16th), bouncing back from earlier losses, following an upbeat overnight session on Wall Street.
Markets in China went up sharply in the final minutes of trade, as trading sentiment was boosted by an alleged intervention from Beijing, according to CNBC.
US indexes ended the day one per cent higher on average as investors reacted to some of the final data reports ahead of the Federal Reserve's two-day meeting due later this week, which is expected to give significant clues as to when the central bank will start raising interest rates.
A World Bank chief economist has warned that a September rate hike from the US Federal Reserve could trigger "panic and turmoil" in emerging markets, amid rising uncertainty over growth in China.
However, Zal Devitre, head of investments at Citibank Singapore, told CNBC's "Street Signs Asia" that the "conditions are right for a move and we believe the Fed will raise rates by 25 basis points on September 17th. We need to look at the core mandates of the Fed, which is to ensure full employment, price stability and gentle price inflation [and] we think those have been achieved."
China's Shanghai Composite Index soared 4.9 per cent to close at 3,152.66, Japan's Nikkei 225 gained 0.8 per cent to close at 18,171.60 and South Korea's Kospi rose two per cent to 1,975.45. Hong Kong's Hang Seng was up 2.4 per cent to 21,966.66 and Australia's S&P/ASX 200 jumped 1.6 per cent to 5,098.80.
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