Asia stocks up before Powell speech, China tech adds support

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BSS/AFP :
Asian markets rose Friday after a Wall Street rally ahead of a speech by Federal Reserve boss Jerome Powell that is expected to reiterate his plan to ramp up interest rates to fight inflation.
Adding to the strong buying sentiment were signs of progress in talks between US and Chinese regulators that could see tech titans including Alibaba and JD.com avoid a delisting from New York.
Global equities have staggered in recent weeks after a near two-month rally from their June lows as a string of Fed officials lined up to reaffirm their commitment to tighten monetary policy, despite some promising economic data.
All eyes are now on Powell’s remarks later Friday at the annual symposium of top bankers and finance chiefs at Jackson Hole, Wyoming.
Most expect him to confirm that more hikes are on the way as officials try to bring inflation down from painful highs not seen in four decades.
Analysts said that while a number of board members have lined up this week, the hawkish tilt has largely been baked into market prices.
The key issue now is by how much the bank will tighten over the coming months, with expectations for a half-point lift in next month, after two three-quarter moves in June and July.
Wall Street’s three main indexes ended well up Thursday, with the Nasdaq and S&P 500 more than one percent to the good.
And Asia followed the lead, with Tokyo, Sydney, Seoul, Singapore, Taipei and Wellington all well up.
– US-China tech boost –
Hong Kong and Shanghai were among the best performers with a surge in tech companies thanks to news that China-US regulatory talks were progressing.
More than 200 Chinese firms have for months had the threat of New York delisting hanging over them as they are caught in a wide-ranging row between the superpowers.

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