Asia markets close higher following Yellen signals caution
On Wednesday, stocks in the Asia Pacific region closed mostly higher, when the Fed’s chief dropped a hint at a slower tempo of increasing interest rates.
The revenues added to a recent soar in Asian stock markets in March after four losing months. Stocks in Hong Kong and China went up more than 8% since the beginning of March.
Chinese stocks led profits on Wednesday, amid local speculation regarding an extra state-owned player backing up the market. Then, the Shanghai Composite Index closed at 3,000.64, showing a 2.8% soar with buying momentum in the afternoon.
Apart from that, South Korean Kospi gained 0.4%, Australian S&P ASX 200 closed +0.1% and the Hang Seng Index boasted +1.7%.
Additionally, Japan’s Nikkei Stock Average demonstrated -1.3%, though the yen managed to gain against the greenback. A stronger local currency can affect the overall competitiveness of Japanese exporters.
On Wednesday, the number one driver was Yellen’s comments that global economic uncertainty justifies a cautious approach to rate hikes.