Asian Markets Rise on Weaker Dollar, Fed Rate Cut Hopes

Asian stocks surged today, driven by a weaker US dollar and anticipation of early Federal Reserve rate cuts. Most markets outside Japan gained around 0.7%, while Japans Nikkei climbed 1.2%. The US jobs data, weaker than expected, led to a significant dollar drop, benefiting many Asian currencies. However, Chinas Shanghai index fell 0.5% due to new US export restrictions on chipmakers, with SMIC shares dropping nearly 4%. Other chipmakers also saw slight declines, and ongoing economic recovery concerns in China dampened sentiment. The Fed rate cut hope boosted markets, with a 50% chance priced in for a December cut. Most regional currencies, including the Japanese yen, gained from the weaker dollar.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.