\n
HONG KONG: Asian markets rose Friday (Aug 26) after a Wall Street rally ahead of a speech by Federal Reserve boss Jerome Powell that is expected to reiterate his plan to ramp up interest rates to fight inflation.<\/p>\n
Adding to the strong buying sentiment were signs of progress in talks between US and Chinese regulators that could see tech titans including Alibaba and JD.com avoid a delisting in New York.<\/p>\n
Global equities have staggered in recent weeks after a near two-month rally from their June lows as a string of Fed officials lined up to reaffirm their commitment to tighten monetary policy, despite some promising economic data.<\/p>\n
All eyes are now on Powell’s remarks later Friday at the annual symposium of top bankers and finance chiefs at Jackson Hole, Wyoming.<\/p>\n
Most expect him to confirm that more hikes are on the way as officials try to bring inflation down from painful highs not seen in four decades.<\/p>\n
Analysts said that while a number of board members have lined up this week, the hawkish tilt has largely been baked into market prices.<\/p>\n
The key issue now is how much the bank will tighten over the coming months, with expectations for a half-point lift next month, after two three-quarter moves in June and July.<\/p>\n
Wall Street’s three main indexes ended well up Thursday, with the Nasdaq and S&P 500 up more than 1 per cent.<\/p>\n
And Asia followed the lead, with Tokyo, Hong Kong and Sydney closing higher. There were also gains in Seoul, Singapore and Taipei.<\/p>\n
Shanghai, however, ended lower.<\/p>\n
In early European trade, London, Frankfurt and Paris all rose.<\/p>\n<\/div>\n
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