HONG KONG: Asian markets rose in limited trade Tuesday following another strong lead from Wall Street fuelled by a rebound in tech firms, while comments from Federal Reserve officials eased concerns that it will embark on an aggressive phase of policy tightening.
US equities rallied for a second day with plenty of support coming from Apple’s blowout earnings report last week, while the current reporting season has proved fruitful despite concerns about inflation and central banks withdrawing financial support.
The Wall Street surge came at the end of a volatile month characterised by speculation over the Fed’s plans to get a grip on runaway prices, with fears that its new hawkish tilt could see it hike borrowing costs as much as seven times this year with a 50 basis point move in March.
Comments from some leading figures at the bank at the weekend added to expectations the policy board would go hard and fast, though some were out on Monday trying to play down such a move.
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