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Asian stock markets rose on Thursday and the dollar weakened as talk by Federal Reserve Chairman Powell consolidated expectations for interest rate cuts later this month.
Powell used his testimony in Congress to confirm that the U.S. economy was still threatened by disappointing factory activity, flat inflation and a growing trade war.
Powell said the Fed was ready to take appropriate measures.
The MSCI Mingsheng Asia-Pacific (excluding Japan) index rose 0.8% and the Nikkei index. N225 rose 0.4%.
The Shanghai Composite Index. SSEC rose 0.8%, the Korean Composite Stock Index. KS11 rose 1%, and the Australian stock market rose 0.3%.
The U.S. stock market closed higher Wednesday, with the S&P 500 index. SPX rising above 3,000 for the first time in history.
"The market had expected Powell to express his pigeon views, and they did it," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.
"The future focus will be on U.S. data, such as the consumer price index (CPI) released tonight, and whether economic performance confirms the need to cut interest rates by 50 basis points this month."
The strong June employment report, released earlier this month, has weakened market expectations that the Fed could cut interest rates by 50 basis points, instead identifying 25 basis points as a more likely option.
However, the cautious attitude of the Federal Reserve Chairman towards the U.S. economy has warmed up the bet that the Federal Reserve will cut interest rates more sharply at its meeting on July 30-31.


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