Fed Chair Jerome Powell said the central bank could begin scaling back asset purchases in November and complete the process by mid-2022. Traders continue to monitor the debt crisis at China Evergrande Group
Asian stocks steady following positive close of US peers
Asian stocks were steady in early deals on Thursday after U.S. shares took in their stride the prospect of a reduction in Federal Reserve stimulus as early as November.
Stocks rose in Australia and dipped in South Korea. Japan is shut for a holiday. U.S. futures climbed after the S&P 500 pushed higher for the first time in five sessions and the Nasdaq 100 advanced.
Overnight on the Wall Street, the Dow Jones Industrial Average rose 338.48 points, or 1%, to 34,258.32, the S&P 500 gained 41.45 points, or 0.95%, to 4,395.64 and the Nasdaq Composite added 150.45 points, or 1.02%, to 14,896.85.
Fed Chair Jerome Powell said the central bank could begin scaling back asset purchases in November and complete the process by mid-2022. Officials also revealed a growing inclination to raise interest rates next year.
Traders continue to monitor the debt crisis at China Evergrande Group. Some investor concerns appear to have eased though questions remain after the developer, which is straining under more than $300 billion of liabilities, issued a statement on a local bond interest payment. The focus has shifted to a payment due on a dollar note.
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