Stock market today: Asian shares gain after US Fed cuts interest rates
Asian shares have advanced after most U.S. stocks rose as the Federal Reserve cut interest rates again to ease pressure on the economy
HONG KONG — Asian shares advanced Friday after most U.S. stocks rose as the Federal Reserve cut interest rates again to ease pressure on the economy.
Oil prices fell while U.S. futures edged higher.
Regional investors were watching for much-anticipated steps by Beijing to rev up the slowing Chinese economy as the top body of the national legislature wrapped up a meeting this week.
“If Beijing delivers, we might see a powerful rally ripple through the region as investors gear up for a fresh surge in market momentum,” Stephen Innes of SPI Asset Management said in a commentary.
Hong Kong's Hang Seng added 0.5% to 21,055.62, and the Shanghai Composite index was up 0.7% to 3,495.38.
Japan's Nikkei 225 index gained 0.3% to 39,476.64.
Shares in Japanese automaker Nissan Motor Corp. plummeted nearly early Friday, after the company on Thursday announced that it will dismiss 9,000 workers and slash its global production capacity by 20% due to falling sales and rising costs and inventory.
In South Korea, the Kospi surged 0.7% to 2,581.50, while Australia’s S&P/ASX 200 gained 0.9%, to 8,302.10.
On Thursday, the S&P 500 climbed 0.7% to 5,973.10, adding to its surge from the day before following Donald Trump’s presidential victory. The Dow Jones Industrial Average was virtually unchanged at 43,729.34, while the Nasdaq composite rallied 1.5% to 19,269.46.
The Fed’s announcement that it was easing its main interest rate by a quarter of a percentage point caused few ripples in the market because even the precise size of it was so well anticipated by investors.
The central bank began easing rates in
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