Asian shares, Wall Street log gains after Fed statement


  • A money trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 23, 2021. Asian shares were mostly higher on Thursday after the Federal save signaled it may begin easing its extraordinary sustain measures for the economy later this year.
    Associated Press

  • Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 23, 2021. Asian shares were mostly higher on Thursday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year.


    money traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 23, 2021. Asian shares were mostly higher on Thursday after the Federal save signaled it may begin easing its extraordinary sustain measures for the economy later this year.
    Associated Press

  • A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), left, and the exchange rate of South Korean won against the U.S. dollar at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 23, 2021. Asian shares were mostly higher on Thursday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year.


    A money trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), left, and the exchange rate of South Korean won against the U.S. dollar at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 23, 2021. Asian shares were mostly higher on Thursday after the Federal save signaled it may begin easing its extraordinary sustain measures for the economy later this year.
    Associated Press

  • A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 23, 2021. Asian shares were mostly higher on Thursday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year.


    A money trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 23, 2021. Asian shares were mostly higher on Thursday after the Federal save signaled it may begin easing its extraordinary sustain measures for the economy later this year.
    Associated Press

  • A screen on the floor of the New York Stock Exchange, behind trader Fred Demarco, shows the rate decision of the Federal Reserve, Wednesday, Sept. 22, 2021. The Federal Reserve signaled Wednesday that it may start raising its benchmark interest rate sometime next year, earlier than it envisioned three months ago and a sign that it's concerned that high inflation pressures may persist.


    A screen on the floor of the New York Stock Exchange, behind trader Fred Demarco, shows the rate decision of the Federal save, Wednesday, Sept. 22, 2021. The Federal save signaled Wednesday that it may start raising its benchmark interest rate sometime next year, earlier than it conceived three months ago and a sign that it’s concerned that high inflation pressures may persist.
    Associated Press

  • A screen on the floor of the New York Stock Exchange shows the rate decision of the Federal Reserve, Wednesday, Sept. 22, 2021. The Federal Reserve signaled Wednesday that it may start raising its benchmark interest rate sometime next year, earlier than it envisioned three months ago and a sign that it's concerned that high inflation pressures may persist.


    A screen on the floor of the New York Stock Exchange shows the rate decision of the Federal save, Wednesday, Sept. 22, 2021. The Federal save signaled Wednesday that it may start raising its benchmark interest rate sometime next year, earlier than it conceived three months ago and a sign that it’s concerned that high inflation pressures may persist.
    Associated Press

  • Trader Ashley Lara works on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021. Stocks rose broadly on Wall Street Wednesday ahead of an update from the Federal Reserve on how and when it might begin easing its extraordinary support measures for the economy.


    Trader Ashley Lara works on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021. Stocks rose broadly on Wall Street Wednesday ahead of an update from the Federal save on how and when it might begin easing its extraordinary sustain measures for the economy.
    Associated Press

  • Trader Robert Oswald, right, works on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021. Stocks rose broadly on Wall Street Wednesday ahead of an update from the Federal Reserve on how and when it might begin easing its extraordinary support measures for the economy.


    Trader Robert Oswald, right, works on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021. Stocks rose broadly on Wall Street Wednesday ahead of an update from the Federal save on how and when it might begin easing its extraordinary sustain measures for the economy.
    Associated Press

  • Trader Frank O'Connell works on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021. Stocks rose broadly on Wall Street Wednesday ahead of an update from the Federal Reserve on how and when it might begin easing its extraordinary support measures for the economy.


    Trader Frank O’Connell works on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021. Stocks rose broadly on Wall Street Wednesday ahead of an update from the Federal save on how and when it might begin easing its extraordinary sustain measures for the economy.
    Associated Press

  • Traders confer on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021. Stocks rose broadly on Wall Street Wednesday ahead of an update from the Federal Reserve on how and when it might begin easing its extraordinary support measures for the economy.


    Traders confer on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021. Stocks rose broadly on Wall Street Wednesday ahead of an update from the Federal save on how and when it might begin easing its extraordinary sustain measures for the economy.
    Associated Press

  • Toast co-Founder Jonathan Grimm, left, rings the ceremonial first-trade bell, joined by SVP for Finance Jennifer DiRico and fellow co-Founder Steve Fredette, as their IPO begins trading, on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021.


    Toast co-Founder Jonathan Grimm, left, rings the ceremonial first-trade bell, joined by SVP for Finance Jennifer DiRico and fellow co-Founder Steve Fredette, as their IPO begins trading, on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021.
    Associated Press

  • Trader George Ettinger works on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021. Stocks rose broadly on Wall Street Wednesday ahead of an update from the Federal Reserve on how and when it might begin easing its extraordinary support measures for the economy.


    Trader George Ettinger works on the floor of the New York Stock Exchange, Wednesday, Sept. 22, 2021. Stocks rose broadly on Wall Street Wednesday ahead of an update from the Federal save on how and when it might begin easing its extraordinary sustain measures for the economy.
    Associated Press

  • Asian shares were mostly higher on Thursday after the Federal save signaled it may begin easing its extraordinary sustain measures for the economy later this year.

    Shares rose in Hong Kong, Shanghai, Australia and Taiwan but fell in South Korea and Malaysia. U.S. futures were higher. Markets were closed in Tokyo for a holiday.

    The U.S. central bank indicated it may start raising its benchmark interest rate sometime next year, earlier than it conceived three months ago. It also said it will likely begin slowing the speed of its monthly bond purchases ‘soon’ if the economy keeps improving. The Fed’s been buying the bonds throughout the pandemic to help keep long-term interest rates low.

    Markets also were reassured after Evergrande, one of China’s biggest private real estate developers, said it will make a payment due Thursday. That likely eased some concerns about heavily indebted Chinese real estate developers and possible ripple effects of possible defaults.

    By early afternoon, Evergrande Group’s Hong Kong-traded shares were up 18%. They have lost about 80% of their value since the beginning of the year.

    In Hong Kong, the Hang Seng index attained 0.7% to 24,380.59. The Shanghai Composite index additional 0.5% to 3,645.05. Australia’s S&P/ASX 200 surged 1% to 7,372.80. South Korea’s Kospi dropped 0.4% to 3,075.15.

    ‘Asian equity markets are having a good day as perceptions of reducing Evergrande risks lifts sentiment,” Jeffrey Halley of Oanda said in a commentary.


            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            

     

    At a news conference, Federal save Chair Jerome Powell said Wednesday that the Fed plans to announce as early as November that it will start to taper its monthly bond purchases, should the job market continue its steady improvement.

    The S&P 500 rose 1% to 4,395.64, breaking a four-day losing streak. The benchmark index initially climbed 1.4% after the Fed issued its statement..

    The other major indexes also received a bump, but discarded some of their gains. The Dow Jones Industrial Average rose 1% to 34,258.32. The blue-chip index briefly surged 520 points higher. The Nasdaq composite attained 1% to 14,896.85.

    Smaller stocks did better than the broader market. The Russell 2000 index rose 1.5%, to 2,218.56.

    Bond yields mostly rose. The provide on the 10-year Treasury observe wobbled up and down after the Fed’s announcement, but was holding steady at 1.31%. The provide influences interest rates on mortgages and other consumer loans.

    September has been a rough month for stocks. The S&P 500 is down 2.8%.

    Aside from worries over possible Fed policy shifts, investors are jittery over rising situations of COVID-19 due to the highly contagious delta variant and the impact of rising inflation on companies and consumers.

            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            

     

    Preliminary manufacturing data for the U.S., Britain and Europe are due out today and could provide insights into the outlook for businesses. Unemployment claims are also due in the U.S.

    In other trading Thursday, U.S. benchmark crude oil picked up 14 cents to $72.37 per barrel in electronic trading on the New York Mercantile Exchange. It attained $1.74 to $72.23 per barrel on Wednesday.

    Brent crude, the international standard, additional 15 cents to $75.54 per barrel.

    The U.S. dollar rose to 109.81 Japanese yen from 109.76 yen. The euro strengthened to $1.1710 from $1.1691.

            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            



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