Powell's dovish remarks boosted global stocks; Hong Kong rose over 1%, leading Asia-Pacific.
TraderKnows
08-26
On Monday (26th), the Asia-Pacific stock markets broadly rose, with the three major Hong Kong indices each gaining over 1%, while the Taiwan Weighted Index increased by 1.21%.
At the Jackson Hole annual meeting, Federal Reserve Chairman Powell made significant dovish remarks, hinting at a possible rate cut in September. As a result, last Friday all three major US stock indexes rose by more than 1%, and European stock markets also closed higher across the board.
Goldman Sachs predicts that the Federal Reserve will cut interest rates by 25 basis points (BP) three consecutive times in the meetings in September, November, and December. If August employment data is weaker compared to July, the rate cut in September could be as much as 50 basis points.
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