Asian shares advanced on Friday after upbeat data and optimism in the tech secto...
TOKYO - Asian shares advanced on Friday after upbeat data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve’s cautious outlook on the world’s biggest economy.
On Wall Street, the S&P 500 gained 1.09 percent while the Nasdaq Composite rallied 1.42 percent, with the Philadelphia SE Semiconductor Index soaring 3.5 percent. The figures mollified worries about the U.S. economic outlook after the Fed on Wednesday surprised investors by adopting a sharp dovish stance, anticipating no further interest rate hikes this year and ending its balance sheet rolloffs.
The five-year yield dropped to 2.34 percent, below the current Fed funds rate around 2.40 percent, as fed funds futures price in about 50 percent chances of a rate cut this year. Another cloud hanging over markets was Britain’s fraught moves to exit from the European Union, as the British pound was bruised anew by rising worries about a no-deal Brexit.
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