Asia stocks boosted by tech rally, Fed rate cut wagers

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SINGAPORE: Asian shares rose to a one-month high on Wednesday, buoyed by a rally in tech stocks, while the dollar was steady as soft U.S.retail sales data reinforced expectations of the Federal Reserve cutting rates later this year.

The tech stocks in the region rose over 2% to a record high as the rally raged on with AI darling Nvidia dethroning Microsoft to become the world's most valuable company on Tuesday.

"Rate cuts are a stronger story for 2025 but that's fine because there is hope that it will happen in a bigger way over the next two years even if 2024 remains uncertain, and that will keep markets supported," Menon said.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaJapanSingaporeUnited States

Topics: Commodities Markets Trading /Business/Business News Equities Asia Stocks

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-19 @ 14:03:00 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 728 words

Reading Time: 5 minutes read

Sentences: 24 lines

Sentence Length: 31 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21309865

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