Shares soar for Powell’s Jackson Hole speech

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A man looks at an electronic board with stock information on the Australian Securities Exchange, operated by ASX Ltd. on March 16, 2020 in Sydney, Australia.

Brendon Thorne | Getty Images

Shares in Asia-Pacific rose Friday as investors look ahead to Fed Chair Jerome Powell’s speech in Jackson Hole, later in the United States.

In Australia, the S&P/ASX 200 rose 1.06%, with banks and mining stocks higher.

Japanese Nikkei 225 Added 0.65% while the Topix rose 0.28%. The Hang Seng Index in Hong Kong gained 0.7%, while the Hang Seng Tech index rose 0.57%.

The Kospic in South Korea rose 0.25% and the Kosdaq fell 0.29%.

Mainland China Shanghai composite tapped fractionally higher, and the Shenzhen component: 0.124% won.

MSCI’s broadest index of Asia-Pacific stocks outside of Japan was up 0.67%.

“Hawkish commentary from a cast of Fed speakers overnight was of little consequence as markets await Powell’s keynote address in Jackson Hole tonight,” Taylor Nugent, an economist at National Australia Bank, wrote in a note Friday. . He noted that Fed speakers have said that the central bank’s job of fighting inflation is not over, and that rates should enter restrictive territory.

Overnight, major US indices rose. The Dow Jones Industrial Average rose 322.55 points, or 0.98%, to 33,291.78. The S&P 500 gained 1.41% to 4,199.12, and the Nasdaq Composite rose 1.67% to 12,639.27.

A slew of Hong Kong-listed companies will report earnings, including: Meituan.

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