Fed pledged to continue to support the US economy and Asian stocks in a hurry


Green dominated Asia-Pacific stocks on December 17 trading day when investors reacted positively after the statement of economic companionship of the US Federal Reserve.

China’s Shanghai Composite and Shenzhen Component both gained points in the afternoon session on December 17. Photo: AFP

Mainland Chinese stocks this afternoon “green floor” with the Shanghai Composite Index up 0.63% and Shenzhen Component Index up 0.729%. Green was also maintained on the Hong Kong stock market with the Hang Seng index increasing slightly by 0.39% to 26,564.59 points.

In Japan, the Nikkei 225 index edged up 0.14% while the Topix index rose 0.27%. In contrast, South Korean stocks were red with the Kospi index slipping 0.57%.

Australian stocks this afternoon rebounded after the information that the unemployment rate in this country dropped in November. The S & P / ASX 200 index this afternoon reached a 1.07% increase.

The Australian Bureau of Statistics announced today that the Australian unemployment rate in November reached 6.8%, lower than the 7% level in October. Previously, economists forecasted with Reuters that the Australia’s unemployment rate in November will remain at 7%.

Overall, the MSCI Asia-Pacific (excluding Japan) rose slightly by 0.2%.

The US Federal Reserve (Fed) said the agency will spend at least $ 120 billion to buy bonds each month until the situation improves significantly towards price stability and employment to the maximum. , Fed announced after the policy meeting has just ended.

The agency will also keep the base rate close to zero as expected, after the end of the two-day policy meeting.

Fed Chairman Jerome Powell also said that stock prices do not have to be overvalued even if interest rates are low.

US stocks last night fluctuated. The S&P 500 index closed up 0.2% to 3,701.17 points, while the technology-oriented Nasdaq Composite index peaked after gaining 0.5% and closing at 12,658.19 points. In contrast, the Dow Jones industrial average slipped 44.77 points to 30,154.54 points.

On the monetary market, the greenback continued to slide today. The US dollar index against other major currencies fell to 90,139, compared with 90.6 recorded earlier this week. Meanwhile, the Japanese yen strengthened and converted 103.35 JPY / USD, compared to 104 JPY / USD normally seen during the week, while the Australian dollar also appreciated and changed hands 1 AUD / 0.7583 USD, compared to the AUD 1 / $ 0.75 level set for the week.

Oil prices on the Asian market went up this afternoon. Futures Brent crude oil price edged up 0.82% and traded at $ 51.50 / barrel while US crude futures prices rose 0.88% to $ 48.24 / barrel.

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