Markets track Wall Street as Fed fans rate cut hopes

HONG KONG — Asian and European stocks rose Wednesday following fresh records on Wall Street after Federal Reserve (Fed) chief Jerome Powell fanned hopes of an interest rate cut by saying the battle against inflation had made "progress" and the job market was cooling.

After a run of above-forecast data and warnings from central bank officials suggesting monetary policy would remain elevated for some time, the remarks provided fresh optimism that a reduction — and possibly two — was on the way before the end of the year.