Asia-Pacific stocks strengthen on stimulus expectations and Wall Street gains

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7th June 2023 – (Hong Kong) Most Asia-Pacific stock markets rose on Wednesday, supported by expectations of stimulus measures from China and gains on Wall Street. MSCI‘s broadest index of Asia-Pacific shares outside Japan rose 0.7%, while China’s benchmark equity index was up 0.3% and Hong Kong’s Hang Seng gained 1.2%. Japan’s Nikkei was the only market to decline, falling 1.1%.

The U.S. S&P 500 ended higher on Tuesday, boosted by expectations that the Federal Reserve will hold interest rates steady at its policy meeting next week. Oil prices steadied after Saudi Arabia pledged to deepen output cuts, offsetting concerns over slow global economic growth. The Australian dollar reached its highest since May after a central bank rate increase on Tuesday. The U.S. dollar index slipped by 0.04% to 104.03, while gold was slightly higher at US$1,965.19 an ounce. Leading cryptocurrency bitcoin was trading at about US$27,000, following a sharp overnight rebound from as low as US$25,350.