Asian stocks extended the week's gains on Thursday, undeterred by forecast-beating US wholesale inflation data as investors grew increasingly hopeful the Federal Reserve would not hike interest rates further.
The mood was enhanced by news that China's massive sovereign wealth fund had bought stakes in the country's biggest banks, fuelling speculation it could broaden its reach to support beleaguered mainland markets.
Minutes from the Fed's most recent policy meeting showed they would keep rates elevated "for some time" until inflation has been brought to heel. "If the Fed's efforts thus far have successfully created a policy stance that's 'sufficiently restrictive' to control inflation, one more 25-basis-point hike won't make a critical difference.
Analysts said the purchase of stakes in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial and Commercial Bank of China was aimed at boosting sentiment in mainland markets, which have been hit by worries over the stuttering economy.
Oil prices retreated again, having dived Wednesday on easing worries about supplies linked to a possible widening of the Israel-Hamas conflict. Integrated energy company Semirara Mining and Power Corp. will reward its shareholders this year with the company’s highest total dividend payout in history.
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