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Investors said the unexpectedly benign reading had removed the last remaining obstacle to the Fed reducing interest rates at its September meeting, with futures markets pricing in a 96 per cent chance of a quarter-point cut. <\/p>\n
Stocks have staged a recovery from the turmoil that convulsed markets in early April, when Trump launched his trade war, as the fears of immediate damage to the global economy have receded. The extension of a US-China trade truce on Tuesday has also lifted investor sentiment<\/a>. <\/p>\n \u201cThe wave of money that\u2019s coming into the market just dwarfs all negative sentiment, especially for the AI boom,\u201d said Wee Khoon Chong, a senior strategist at BNY. \u201cObviously tariffs matter, but the influx of money matters even more when it\u2019s such a large scale.\u201d<\/p>\n The S&P 500 has rallied 29 per cent from its post-\u201cliberation day\u201d low on April 8. In Asia, Taiwan\u2019s Taiex and South Korea\u2019s Kospi are both up 40 per cent in the period while Japan\u2019s Topix has advanced 35 per cent. <\/p>\n Wednesday\u2019s gains in Asia were driven in part by expectations of continued strong US demand for semiconductor exports from the region, said Jason Lui, head of Asia-Pacific equity and derivative strategy at BNP Paribas. <\/p>\n Chipmaker SK Hynix\u2019s shares rose 3.4 per cent while Sony Group rose 3.5 per cent. Japan\u2019s Maruwa, which produces ceramics for circuit boards and semiconductors<\/a>, gained 3 per cent and the world\u2019s largest chipmaker Taiwan Semiconductor Manufacturing Company added 1.7 per cent hitting a fresh all-time high.<\/p>\n Recommended<\/p>\n
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