SHANGHAI, June 23 (Reuters) - Hong Kong shares ended higher on Wednesday, the biggest daily jump in nearly three months, with strong gains in tech firms following comments from the Federal Reserve chief that the U.S. central bank will not hasten to hike rates. ** At the close of trade, the Hang Seng index was up 507.31 points, or 1.79%, at 28,817.07, rising the most in a day since April 1.
BEIJING, June 23 (Reuters) - China shares closed higher on Wednesday, with commodity firms leading gains, as investors lapped up reassurance from the Federal Reserve chief that the U.S. central bank will not hasten to hike rates. ** At the close, the Shanghai Composite index was up 0.25% at 3,566.22, rising for the third consecutive session.
June 23 (Reuters) - Copper prices rose on Wednesday as testimony from U.S. Federal Reserve chair Jerome Powell eased worries of a sooner-than-expected rate hike that could dampen liquidity into metals. Three-month copper on the London Metal Exchange was up 0.5% at $9,344.50 a tonne, as of 0701 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange closed 2% higher at 68,480 yuan ($10,562.36) a tonne.
LONDON, June 23 (Reuters) - The U.S. dollar held near one-week lows on Wednesday after U.S. Federal Reserve officials including Chair Jerome Powell reaffirmed tighter monetary policy was still some way off after a hawkish turn by the Fed last week caught markets off guard. The dollar jumped and stocks swooned last week after the Fed surprised markets by signalling much earlier rate hikes than investors previously expected.
June 23 (Reuters) - Thailand's baht came off a nine-month low on Wednesday and the Philippine peso snapped a six-day losing run, after U.S. Federal Reserve Chairman Jerome Powell said the central bank would not raise interest rates too quickly. The baht firmed 0.4% and Thai stocks inched higher, as investors also awaited a Bank of Thailand meeting where the central bank is expected to leave interest rates at a record low and cut its growth forecast.
BEIJING (AP) - Global stock markets and U.S. futures rose on Thursday after the Federal Reserve chairman said the recent burst of U.S. inflation probably is temporary, helping to calm fears central banks might roll back economic stimulus. London opened higher, while Shanghai, Tokyo and Hong Kong advanced.
HANOI, June 23 (Reuters) - Copper prices advanced on Wednesday as testimony from the U.S. Federal Reserve's chair Jerome Powell eased worries of a rate hike soon, which traders feared could dampen liquidity into financial assets including metals and hit economic recovery. Three-month copper on the London Metal Exchange rose 0.6% to $9,360 a tonne by 0516 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange increased to 68,430 yuan ($10,556.93) a tonne.
SINGAPORE (Reuters) - Stocks found a footing and swinging bond markets calmed down on Wednesday, with testimony from U.S. Federal Reserve chair Jerome Powell providing investors with reassurance that the central bank has an eye on inflation but is not hastening to hike rates. The rates-sensitive Nasdaq index closed at a record high on Tuesday, while tech stocks were bid in Asia - notably in Taiwan where chipmakers helped the benchmark index rise 1%.
TOKYO (Reuters) - The U.S. dollar remained on the back foot against major peers on Wednesday after a two-day drop as U.S. Federal Reserve officials including Chair Jerome Powell reaffirmed that tighter monetary policy was still some way off. The dollar index, which measures the greenback versus six rivals, was at 91.775 in early Asian trading, off a two-month high of 92.408 reached at the end of last week.
WASHINGTON (Reuters) - Congressional testimony from Federal Reserve Board Chairman Jerome Powell on Tuesday shows that President Joe Biden's economic plan is working, a White House official said. "As you know, we do not comment on the Fed's monetary policy decisions," the official said.
WASHINGTON, June 22 (Reuters) - Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank's intent to encourage a "broad and inclusive" recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.
KEY POINTS Federal Reserve Chair Jerome Powell continued to attribute most of the recent inflation surge to factors closely tied to the economic reopening. He said it is "very, very unlikely" that a repeat of 1970s-style inflation could happen, primarily because of the Fed's commitment to price stability.
Federal Reserve Chairman Jerome Powell repeats the central bank's stance that it won't raise rates on the fear that the unemployment has fallen too low, according to his testimony at a Congressional hearing before the Coronavirus Crisis Subcommittee. "A pretty substantial part or perhaps all," of the rise in prices are a result of the economy re-opening, Powell said, in describing the current high rate of inflation.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Tuesday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary. "The Biden inflation agenda of too much money chasing too few goods is causing major harm to hardworking families,” said Louisiana Rep. Steve Scalise, the second-ranking Republican House leader.