Stocks stride to record highs ahead of US inflation test

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SINGAPORE: Asian stocks rallied to record peaks on Thursday while sterling edged to a four-month high on strong growth figures, as traders counted down to U.S.data that is expected to show inflation easing and pave the way for rate cuts as soon as September.

Hong Kong's Hang Seng rose 1%, and on the mainland, the blue-chip CSI300 climbed 1.1% although it remains huddled pretty close to Tuesday's four-and-a-half-month low.

"The main driver is really the prospect of interest rate cuts," said Shane Oliver, chief economist and head of investment strategy at AMP in Sydney.

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Category: EconomyBusiness

Markets: MalaysiaAustraliaChinaHong KongJapanNew ZealandSingaporeTaiwan

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

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Article Type: News Report

Published On: 2024-07-11 @ 17:15:00 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 667 words

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News ID: 21573046

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