HONG KONG, China —Asian markets rose Monday after Federal Reserve chief Jerome Powell said officials would take a careful approach
regarding interest rate hikes, while Chinese shares soared after the government cut the duty on trades.
While inflation is coming down, markets have been hit in recent weeks by a strong run of economic data—particularly on jobs—that has been seen as putting pressure on the Fed to keep hiking. Shanghai and Hong Kong soared at the open following China’s decision to slash the tax paid on stock trades for the first time since 2008 as authorities battle to support the world’s second-largest economy.
The measures provided some joy among traders and come as the country’s leaders struggle to kick start the stuttering economy, with a series of pledges failing to lift optimism. AFP However, Neo Wang, at Evercore ISI warned that stocks were unlikely to rally unless authorities announce a huge stimulus package similar to the so-called “bazooka” in 2008.
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