Asia-Pacific markets rose after comments from U.S. Federal Reserve Chair Jerome Powell hinted that interest rate cuts may not be too distant if inflation signals support policy easing.
Speaking to the Senate Banking Committee, Powell didn’t offer an exact timeline for rate cuts, but noted they would go down soon.
In Japan, the Nikkei 225 index regained 90.23 points, or 0.2%, to 39,688.94, as January household spending fell more than expected, dropping 6.3% year on year compared with the 4.3% expected by economists polled by Reuters.
The metric gives a clue to whether inflation is outpacing wage gains, which is being closely watched by the Bank of Japan.
In Hong Kong, the Hang Seng index recovered 123.61 points, or 0.8%, to 16,353.39.
Australian markets leaped to all-time highs.
In other markets
In Shanghai, the CSI 300 recouped 15.19 points, or 0.4%, to 3,544.91.
In Korea, the Kospi index picked up 32.73 points, or 1.2%, to 2,680.35.
In Taiwan, the Taiex index surged 91.8 points, or 0.5%, to 19,785.32.
Singapore’s Straits Times Index forged ahead 13.31 points, or 0.4%, to 3,147.09.
In New Zealand, the NZX 50 added 119.8 points, or 1%, to 11,923.73.
In Australia, the ASX 200 gained 83.26 points, or 1.1%, to 7,846.98.
