Asia tracks Wall St surge as traders welcome US data, Nvidia results
Investors are keenly awaiting speeches by Fed boss Jerome Powell and ECB chief Christine Lagarde at a gathering in Jackson Hole, Wyoming – Copyright AFP Tomas CUESTA
Asian markets rose again Thursday after soft US and European economic data soothed recent fears that central banks will hike rates further, while tech firms were given a boost by forecast-busting earnings from AI chip titan Nvidia.
Traders have spent most of August fretting that the Federal Reserve will be forced to tighten monetary policy further owing to a string of reports pointing to a resilient US economy and jobs market.
But news that the country’s factory activity continued to shrink in August while the key services sector was weaker than predicted was seen as allowing policymakers to take a step back, with borrowing costs already at a two-decade high.
Expectations for jobs growth in August were also scaled back, providing some much-needed relief to
