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SINGAPORE – Stocks in Asia-Pacific rose mainly in trading Wednesday morning as investors reacted to recent comments from Federal Reserve Chairman Jerome Powell.
Australian stocks led gains among the major markets in the region, with the S & P / ASX 200 in Australia rising 1.84%.
Mainland Chinese stocks were also higher, with the Shanghai composite rising fractionally while the Shenzhen component added 0.233%. Hong Kong’s Hang Seng Index gained about 0.1%.
Elsewhere, however, South Korea’s Kospi lost 0.49%, adding to losses after Tuesday’s drop of more than 2%.
Shares in Japan also fell on their first trading day of the week after the Monday and Tuesday holidays. The Nikkei 225 fell 0.61% while the Topix index fell 0.55%.
Overall, the MSCI Asia ex-Japan index was up 0.27%.
In prepared testimony, the Fed’s Powell said the central bank remains committed to supporting the economy through its tools “for as long as it takes.” He also noted that “many economic indicators show a notable improvement”, although the way forward “remains very uncertain.”
Coins and oil
The US dollar index, which tracks the dollar against a basket of its peers, last stood at 94.131 following its rise earlier this week from levels below 93.5.
The Japanese yen was trading at 105.17 per dollar after weakening from levels around 104.4 against the dollar yesterday. The Australian dollar changed hands at $ 0.714, having weakened from levels above $ 0.725 this week.
Oil prices fell in the morning of Asian business hours, with international benchmark Brent crude futures falling 0.62% to $ 41.46 a barrel. US crude futures fell 0.63% to $ 39.55 a barrel.
