Asian stocks rose on Thursday as investors anticipated rate cuts from the Federal Reserve, while the yen strengthened and the Nikkei retreated from all-time highs, Reuters reported.
Markets were cautious ahead of the European Central Bank (ECB) meeting. MSCI’s Asia-Pacific index outside Japan increased by 0.5 per cent, with Taiwan’s market hitting record highs. Japan’s Nikkei fell 1.4 per cent as the yen strengthened 0.5 per cent.
The Bank of Japan (BOJ) may end negative interest rates soon. Chinese blue chips dropped 0.4 per cent due to concerns over US legislation targeting Chinese biotech firms. Wall Street closed higher after Fed Chair Powell hinted at rate cuts.
The ECB is expected to maintain interest rates, but a rate cut in June is anticipated. The euro broke key resistance levels, while gold prices hit a record high of $2,156.49. Oil prices jumped one per cent. Bitcoin traded near record highs at $66,361.
