As US shares inched higher, Asian stocks soared on the seventh day before Chinese markets are slated to resume trading after a week-long holiday, which began September 30.
The MSCI Asia Pacific index added 0.2% to 131.95 in Tokyo. Japan’s Topix index slipped 0.1%, while South Korea’s Kospi index rose 0.5%. Markets in China and Hong Kong are yet to open.
There has been a slight relief rally despite betse the Federal Reserve will defer interest rate hikes. Traders will begin to realize the “rate increase being delayed because the economy isn’t that strong,” said Tim Schroeders, Portfolio Manager at Pengana Capital Ltd.
Investors speculate the US central bank will keep rates near zero. Projections of a liftoff declined below 50% following last week’s weaker than projected US jobs data.
The material has been provided by InstaForex Company – www.instaforex.com