Asian stocks rise on Powell's bullish comments
global stocks hit a record with Jerome Powell’s bullish comments that supported risk assets. Currency traders remained on alert as the French government fell after a no-confidence vote.
Shares in Japan and Australia rose, while equity futures in Hong Kong were slightly lower. US equity futures were little changed after Wednesday advances for the S&P 500 and tech-heavy Nasdaq 100 nudged a gauge of global stocks to a new high.
The moves were driven by US tech with the so-called Magnificent Seven rising for a fourth consecutive session, helped along by an advance for Nvidia Corp and Meta Platforms Inc.
Treasuries were steady after a rally in the prior session across the curve. The 10-year yield fell four basis points Wednesday, while the policy-sensitive two-year yield dropped by five basis points. An index of the dollar was steady.
Powell said the US economy is “in remarkably good shape,” and that downside risks from the labor market had receded, in comments at the New York Times DealBook Summit in New York. He also said Federal Reserve officials could afford to be cautious as they lower rates toward a neutral level — one that neither stimulates nor holds back the economy.
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