Asian shares rise on US Fed comment
The Shanghai Composite Index posted its biggest one-day gain since June.
Asian markets were up today (August 27th) after an upbeat overnight session on Wall Street following comments from an official at the US Federal Reserve. China's Shanghai Composite index closed up 5.4 per cent to 3,085.42, its biggest one-day gain since June 30th.
The Nasdaq Composite jumped 4.24 per cent overnight, while the Dow Jones Industrial Average and S&P 500 gained 3.95 and 3.90 per cent respectively.
The surge came after New York Federal Reserve President William Dudley said in a speech that a rate hike in September seems 'less compelling' in light of market volatility and foreign developments.
Analysts at Mizuho Bank told CNBC that the jump in US stocks us also due to the fact that US durable goods and non-defense ex-aircraft capital goods both outperformed expectations, suggesting that investment momentum has picked up.
Tokyo's Nikkei 225 gained two per cent to 18,753, Seoul's Kospi added 1.1 per cent to 1,915.70 and Hong Kong's Hang Seng Index was up 3.6 per cent to 21,838.54. Australia's S&P/ASX 200 ended 1.1 per cent higher at 5233.32.
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