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Asian stocks cheer delay in Fed rate hike prospects

FXStreet (Mumbai) - The Asian equities snapped previous losing streak and rebounded on Thursday, ignores negative close on the Wall Street, as markets cheer prolonged period of low-interest rates after the poor US retail sales data further washed away any chance Fed rate hike this year.

Higher commodities and upbeat Aus jobs data boost the sentiment

The Japanese stocks had a lower start today, tracking weakness in the US stocks, although the downside was limited and the markets swung back into gains on improved market sentiment. As a result, the yen lost ground versus the US dollar and pushed the exporters’ stock higher along with the energy stocks. Meanwhile, USD/JPY trades 0.12% higher at 118.96 and the Nikkei gains 0.77% to 18,029 points.

The Australian benchmark, the S&P/ASX is led higher by strong gains seen in the mining and oil stocks on the back of overnight rally in oil prices while gold prices stand firmer in Asia around $ 1185 levels.

Markets were also boosted by steady Australian employment numbers while rising inflation expectations also lifted the investors’ sentiment. The index trades 0.33% higher at 5,214.

Stocks on the Chinese bourses are also rallying, in line with their Asian peers, with the mainland’s benchmark index, the Shanghai Composite jumping 0.78% to 3,287. While Hong Kong’s Hang Seng rockets 1.66% to 22,813.

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