Stocks rise ahead of Powell’s Jackson Hole speech

A man looks at an electronic board displaying stock information at the Australian Securities Exchange, operated by ASX Ltd. on March 16, 2020 in Sydney, Australia.

Brendon Thorne | Getty Images

Asia-Pacific stocks rose on Friday as investors anticipate Fed Chairman Jerome Powell’s speech in Jackson Hole later in the United States.

In Australia, the S&P/ASX 200 rose 1.06%, with banking and mining stocks rising.

from Japan Nikki 225 added 0.65% while the Topix rose 0.28%. The Hang Seng Index in Hong Kong gained 0.7%, with the Hang Seng Tech index up 0.57%.

The Kospi in South Korea advanced 0.25% and the Kosdaq fell 0.29%.

Mainland China Shanghai composite ticked slightly higher, and the Shenzhen Component gained 0.124%.

MSCI’s broadest Asia-Pacific ex-Japan equity index rose 0.67%.

“Hawkish comments from a cast of Fed speakers overnight meant little as markets await Powell’s keynote address in Jackson Hole tonight,” Taylor Nugent wrote. , an economist at National Australia Bank, in a note on Friday. He noted that Fed speakers said the central bank’s job of fighting inflation was not done and rates needed to enter restrictive territory.

Overnight in the United States, major indexes rose. The Dow Jones Industrial Average jumped 322.55 points, or 0.98%, to 33,291.78. The S&P 500 gained 1.41% to 4,199.12, and the Nasdaq Composite added 1.67% to 12,639.27.

A large number of Hong Kong-listed companies will report earnings, including Meituan.

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