Asian shares are rising after Powell's speech

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Asian shares are rising after Powell's speech

August 27, 2018 - 09:55
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On Monday Asian shares grew after speech of US Fed's leader, which also lead to Wall Street shares rise to record level on Friday, Reuters reports. Chinese yuan and country's stocks are climbing, as China's central bank took steps to help yuan recovering.

Photo © Sasin Tipchai, CC0 1.0

On Monday Asian shares grew after speech of US Fed's leader, which also lead to Wall Street shares rise to record level on Friday, Reuters reports.

Chinese yuan and country's stocks are climbing, as China's central bank took steps to help yuan recovering.

Asian-Pasific MSCI Index excluding Japan grew by 1,1%, while Japanese Nikkei by 0,9%. Shanghai Composite Index gained 1,7%, CSI300 increased by 2,2%. Yuan climed to the highest level related to dollar in two and a half weeks.

Continuing positive news, US and Mexico agreed on general approach in regards to NAFTA, and this eased tension developed due to global trade war expectations.

On Friday American equities index S&P 500 and Nasdaq Composite reached record levels after Jerome Powell's speech mentioning that gradual rate hike is the best approach to protect US economy and job growth.