NEW DELHI (dpa-AFX) - Asian stocks posted strong gains on Thursday even as Russian forces bombarded Ukraine's second-largest city and besieged two ports.
Investors tried to figure out the future path of U.S. interest rates after Federal Reserve chairman Jerome Powell said in testimony before Congress that he is inclined to support a 25 basis point rate increase at the upcoming Fed meeting, instead of a 50 bps hike recommended by some board members.
Powell's comments came after European Central Bank policymakers this week argued against any drastic shift in monetary policy.
Chinese shares ended marginally lower after a survey showed services sector activity in February had expanded at the slowest pace in six months. Hong Kong's Hang Seng index ended up 0.55 percent at 22,467.34.
Japanese shares advanced as worries eased of aggressive Fed rate hikes. The Nikkei average rose 184.24 points, or 0.70 percent, to 26,577.27 while the broader Topix index ended 1.18 percent higher at 1,881.80. Marine transportation, oil and coal product, and bank issues topped the gainers list.
Cosmo Energy Holdings and Idemitsu Kosan soared 5-6 percent. Heavyweight Fast Retailing dropped 1.2 percent after the operator of the Uniqlo casual clothing chain reported a fall in its domestic sales in February.
Australian markets extended gains for the fifth day running as traders bet on a further run-up in commodity prices due economic sanctions on Russia. The benchmark S&P/ASX 200 rose 34.70 points, or 0.49 percent, to 7,151.40 while the broader All Ordinaries index ended up 40.50 points, or 0.55 percent, at 7,446.80.
Energy and metals stocks continued to soar as more companies joined an international boycott of Russian trade, sparking anxiety that supply will fall short in everything from wheat to natural gas. Whitehaven Coal and Yancoal both jumped around 11 percent.
The services sector in Australia bounced up into expansion territory in February, the latest survey from Markit Economics showed.
Seoul stocks rose for the fourth day after Powel signaled an interest rate hike liftoff, vigilance on inflation, and economic resilience although he warned of more aggressive rate hikes in inflation continues to build up. The Kospi average rallied 43.56 points, or 1.61 percent, to close at 2,747.08. Samsung Electronics, SK Hynix, Naver and Hyundai Motor climbed 2-4 percent.
New Zealand shares rose sharply, with the benchmark S&P/NZX 50 climbing 122.65 points, or 1.01 percent, to 12,211.40 after a 0.9 percent drop on Wednesday. Ryman Healthcare led gainers to rise 2.9 percent.
U.S. stocks rose sharply overnight, as private payrolls data topped forecasts, yields rebounded from the early-week losses and Fed Chair Powell said he would propose a quarter-point interest-rate hike at the Fed's next meeting, rather than a half-point.
The Dow climbed 1.8 percent, the tech-heavy Nasdaq Composite surged 1.6 percent and the S&P 500 spiked 1.9 percent.
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