Asian shares hit five-week highs on Wednesday as investors hoped the Federal Res...
SYDNEY - Asian shares hit five-week highs on Wednesday as investors hoped the Federal Reserve would follow the lead of the European Central Bank and open the door to future rate cuts at its policy meeting later in the day.
“We expect no real change following the G20 sideline meeting. the fact that both sides are talking should at least postpone thoughts of a further increase in tariffs, for a while at least...,” ING’s Greater China economist Iris Pang said in a note. All eyes are now upon the Fed which is scheduled to release a statement at 1800 GMT on Wednesday, followed by a press conference by Chairman Jerome Powell shortly after.
“Markets will be looking for validation of this pricing,” he added. “We think this represents a fairly high bar for the Fed to deliver a dovish surprise.”BofA Merrill Lynch’s latest fund manager survey spoke volumes about the sea change in sentiment.
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