Asian markets rise on reduced expectations of Fed rate hikes, Singapore index reaches record high

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Fed news boosted Asian markets on Friday as lower expectations for rate hikes improved sentiment. Singapore’s Straits Times Index reached a record high of 5,807.16, led by banking stocks. The MSCI Emerging Asia Index rose 1.4%, its strongest gain in nearly seven sessions. The Fear & Greed Index shifted toward optimism as investors reduced bets on a September Fed rate move. The Straits Times Index gained 1.9% for the week, while the MSCI ASEAN Index hit a seven-day high, up 1% for the week.

Odaily Planet Daily report: On Friday, most stock markets in Asia’s emerging markets rose, with Singapore’s Straits Times Index reaching a new all-time high. This followed comments from Federal Reserve Governor Waller, which led investors to reduce their bets on a Fed rate hike in September. The MSCI Emerging Asia Stock Index climbed 1.4%, on track for its best single-day gain in nearly seven trading days. The Straits Times Index rose as much as 0.9% to a record high of 5,807.16, led by blue-chip bank stocks. For the week, the index has gained 1.9%, on pace for its best weekly performance since early July. Buoyed by this, the MSCI ASEAN Index reached its highest level in nearly seven trading days, rising 1% so far this week. (Jin10)

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