Markets extend rally on Fed rate optimism

By Agence France-Presse

Dec 02, 2022 12:03 am

HONG KONG: Asian stocks extended a global rally on Thursday and the dollar sank after Federal Reserve (Fed) Chairman Jerome Powell flagged a rate hike slowdown and China signaled a softer approach to fighting Covid.

A growing sense of hope that months of sharp monetary tightening around the world is finally reining inflation back from its decades-long highs sent equities surging in November, even as policymakers warned that more work had to be done.

Electronic quotation boards display the yen’s rate against the United States dollar (left, top) and the share price of the Tokyo Stock Exchange (right, top) at a foreign exchange brokerage firm in Japan’s capital Tokyo on Thursday, Dec. 1, 2022. AFP PHOTO

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