SINGAPORE : Asian equities rose sharply on Wednesday, tracking a relief rally on Wall Street and as U.S. inflation data delivered no nasty surprises, reinforcing hopes the Federal Reserve will likely go for a smaller rate hike when it meets next week.Investors piled back into stocks in U.S. markets overni
SINGAPORE : Asian equities rose sharply on Wednesday, tracking a relief rally on Wall Street and as U.S. inflation data delivered no nasty surprises, reinforcing hopes the Federal Reserve will likely go for a smaller rate hike when it meets next week.
Australia's S&P/ASX 200 index rose 0.33 per cent in early trading, while Japan's Nikkei was mostly flat.Data on Wednesday showed China's industrial output in the first two months of 2023 rose 2.4 per cent from the year earlier, accelerating from a 1.3 per cent annual rise seen in December. The data slightly missed forecasts for a 2.6 per cent rise in a Reuters poll of analysts.
Investors were also relieved after February's U.S. inflation report on Tuesday showed consumer prices rising by 0.4 per cent, with a year-on-year gain of 6 per cent - in line with analyst expectations, as there were worries that stronger than expected data might lead the Fed to go for jumbo-sized hikes to battle inflation.
U.S. Treasury yields extended gains into Asian hours after sharp declines at the start of the week. The yield on 10-year Treasury notes was up 3.8 basis points to 3.674 per cent.
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