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Most Asian stocks rose after Jerome Powell's testimony in Congress

2019-07-11 06:37 am | Resource: News | No Views : 36

 Most Asian stocks rose after Jerome Powell's testimony in Congress

Asian markets closed sharply on Thursday after US Federal Reserve Chairman Jerome Powell hinted that interest rates could be cut later this month, leading to a rally in US equities. However, optimism in the market has somewhat diminished due to continued geopolitical tensions in the Middle East, where it was reported that Iran tried to capture a British tanker earlier in the day. The country's Revolutionary Guards denied the allegations, saying there had been no confrontations with foreign ships in the past 24 hours.

Lower home loans in Australia in May

Data from the Australian Bureau of Statistics showed on Thursday that Australian lending to households fell in May.
  • Investment lending fell 1.7 percent from the previous month. Economists had expected a 0.5 percent gain.
  • The value of loans to homes occupied by owners fell seasonally adjusted by 2.7 percent in May.
  • At the same time, the total value of new household lending commitments fell by 1.3 percent in May, after rising by 0.6 percent in April.
  • Personal finance fell 0.7 per cent in May after a revised 4.2 per cent the previous month.

Asian stocks trading
  • The Nikkei 225 closed up 0.51%, while the South Korean Kospi climbed 1.36% at 8:12 am.
  • In China, the Shanghai Composite Index was steady at 7:58 am CET.
  • The Shenzhen Composite Index fell 0.37% at 8:13 am CET.
  • Hong Kong's Hang Sang Index rose 0.73% at the same time.
  • Meanwhile, the Australian S & P / ASX 200 rose 0.74% at 7:55 CET.

The dollar dropped 0.46% against the yen to 107.96 yen at 8:16 CET.


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