Asian stock markets closed higher after Janet Yellen’s hike remarks

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Tokyo | Updated: May 30, 2016 5:00:22 PM

Asian equity markets ended mostly higher on Monday as a weaker yen and steadier oil prices added to optimism about the health of the US economy.

Asian stock market, MSCI, Janet Yellen, US Reserve Bank, Shinzo Abe

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.25 percent as markets pondered the Fed outlook.

 

Asian equity markets ended mostly higher on Monday as a weaker yen and steadier oil prices added to optimism about the health of the US economy.

Investors shrugged off comments by Federal Reserve Chair Janet Yellen suggesting than an interest rate hike could be around the corner. Chinese shares closed marginally higher ahead of manufacturing data due on Wednesday, though it is expected to show that growth in China’s manufacturing sector likely stalled in May after slight expansions in the previous two months, throwing more cold water on hopes that the world’s second-largest economy is reviving.

Further, Japanese shares hit a one month high as US rate hike bets and media reports that the government would delay a sales tax hike scheduled for next April helped the dollar/yen pair to break above 111 levels for the first time since late April.

Indian equity markets rose for for a fifth straight session on Monday after earnings of blue chips such as Hindalco Industries Ltd beat street estimates, boosting hopes that the economy was recovering. Sensex gained 72 points to close at 26,725.60, while Nifty ended 21.85 points to settle at 8,178.50.

With inputs from Accord Fintech

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