Asian markets ended the week on a high today (October 9th), led by Wall Street, after the release of minutes from the US Federal Reserve's September meeting.
Investors reacted positively to the dovish language of the US central bank, which gave more details about its decision to keep interest rates unchanged.
The Fed said the economic conditions for a rate hike were almost met but decided it was prudent to wait for additional information confirming that the outlook had not deteriorated due to the global economic slowdown.
"You've got an absence of bad news and arguably some good news in there," Brad McMillan, Chief Investment Officer for Commonwealth Financial in Waltham, Mass, told Reuters. "Given the news since then, if they were willing to wait then for inflation to come back they're even more willing now."
Australia's ASX 200 closed 1.3 per cent higher at 5,279.70, China's Shanghai Composite gained 1.3 per cent to 3,143.35 and Hong Kong's Hang Seng Index climbed 0.6 per cent to 22458.80. South Korea's Kospi gained 0.7 per cent to 2019.53 and Japan's Nikkei 225 gained 1.6 per cent to 18438.67.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.