HONG KONG: Asia extended a global equities rally on Wednesday (Mar 22) as more pledges of government support soothed worries over the banking sector and provided some much-needed stability after more than a week of upheaval. The dialling down of volatility allowed traders to turn their focus on the
HONG KONG: Asia extended a global equities rally on Wednesday as more pledges of government support soothed worries over the banking sector and provided some much-needed stability after more than a week of upheaval.US Federal Reserve's policy decision
While that would deal a blow to the Fed's fight against elevated inflation, such a move is seen by observers as crucial to reinforcing stability and preventing another blow-up in the financial sector. "Our intervention was necessary to protect the broader US banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion," Yellen told an American Bankers Association conference in Washington.
The US and European rally filtered through to Asia, where banks were among the big gainers with tech firms. Eyes are now on the Fed's rate decision later in the day, with analysts split over whether it will announce a 25 basis-point hike or pause in order to ease pressure on the banking system.
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