Asian stocks advanced
after Federal Reserve Chair Janet Yellen signaled the U.S. central bank
remains wary of raising interest rates while threats remain to domestic
growth from a slowing global economy.
The Topix index fell in Tokyo after Yellen’s comments strengthened the yen, souring the outlook for Japanese exporters.
The MSCI Asia Pacific
Index gained 0.5 percent to 128.34 as of 9:03 a.m. in Tokyo. The measure
is on course to post its largest monthly advance since October,
climbing 7.7 percent to pare its quarterly loss to 2.7 percent. It is
appropriate for U.S. central bankers to “proceed cautiously” in raising
rates because the global economy presents heightened risks, Yellen said
in a speech to the Economic Club of New York. The yen traded at 112.71
after strengthening 0.7 percent Tuesday.
Yellen’s comments
helped the Standard & Poor’s 500 Index rise 0.6 percent, its biggest
jump in more than two weeks, erasing this year’s losses. E-mini futures
on the gauge added 0.1 percent percent.
Traders are now
pricing in no chance of a U.S. rate increase in April, while odds for
June slid to 28 percent from 38 percent on Monday. The probability of
higher borrowing costs doesn’t rise above 50 percent until November.
Japan’s Topix index
dropped 0.5 percent. Australia’s S&P/ASX 200 Index climbed 0.7
percent. South Korea’s Kospi index rose 0.5 percent and New Zealand’s
S&P/NZX 50 Index added 0.3 percent. Markets are yet to open in Hong
Kong and China.
Source : Bloomberg
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