Asian markets mostly rose Monday following last week's strong performance, with traders focused on a closely followed meeting of central bank chiefs where the Federal Reserve's Jerome Powell is due to deliver a key speech. Investors appear to have got over the turmoil that beset trading floors earlier in the month as a string of data suggested that worries of a US recession had been overdone. Powell's talk at the annual Jackson Hole symposium in Wyoming -- which also gathers together financial leaders and policymakers -- will be pored over, with hopes that he will flag an interest rate cut when Fed officials meet next month.
"Investors and analysts alike will be paying close attention to any signals from Fed officials about the future direction of US interest rates," said Luca Santos, currency analyst at ACY Securities. "There's growing speculation that..
. Powell might hint at the possibility of starting rate cuts as early as September. But the size of the cut is still up in the air.
"A modest 25 basis points reduction seems likely, but a larger 50-basis-point cut would need stronger evidence of a weakening US job market." All three main indexes on Wall Street rose Friday, leaving them back near the record highs touched before their August 5 rout as investors grow confident the US economy will avoid recession as the Fed cuts rates. Most Asian markets picked up the baton Monday.
Hong Kong piled on more than one percent, while there were also gains in Shanghai, Sydney, Taipei, .