Emerging markets, Asian equities up Thursday on Fed comments
Gains led by Taiwan’s Taiex, up 0.74%, Hang Seng up 0.71%
All major Asian indices were up on Thursday, amid a broad rally in emerging markets, after the Federal Reserve lowered expectations of another rate hike this year.
Taiwan’s Taiex was up 0.86% on news that Foxconn would expand manufacturing presence in the US, followed by the Hang Seng up 0.71%. KOSPI was up 0.36% after Samsung reported record quarterly profit. Japan’s Topix was up 0.37% after losses in financials offset gains in other segments.
Jakarta Composite (+0.34%), Malaysia (+0.23%), Nikkei (+0.15), Philippines (+0.10%), Shanghai Composite (+0.06%) saw more modest gains, while Thailand was the lone loser in Asia in trading Thursday (-0.13%).
Dampened inflation expectations after the Fed decision Wednesday should mean lower borrowing costs for emerging markets.