{"id":13393,"date":"2021-08-30T08:39:19","date_gmt":"2021-08-30T08:39:19","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/08\/30\/asian-shares-rise-as-taper-fears-wane\/"},"modified":"2021-08-30T08:39:19","modified_gmt":"2021-08-30T08:39:19","slug":"asian-shares-rise-as-taper-fears-wane","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/08\/30\/asian-shares-rise-as-taper-fears-wane\/","title":{"rendered":"Asian Shares Rise As Taper Fears Wane"},"content":{"rendered":"
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Asian stocks rose on Monday after U.S. Federal Reserve Chairman Jerome Powell’s remarks at the Jackson Hole symposium calmed fears over the tapering timetable.<\/p>\n

That said, the monthly U.S. jobs report due later this week could be pivotal in determining how soon the Fed can trim stimulus.<\/p>\n

Chinese shares ended slightly higher as the country’s securities regulator pledged to crack down on mismanaged private funds and weed out fake ones.<\/p>\n

The benchmark Shanghai Composite Index edged up 5.99 points, or 0.2 percent, to 3,528.15, while Hong Kong’s Hang Seng Index ended 0.5 percent higher at 25,539.54.<\/p>\n

Japanese shares advanced as Powell laid out a slower than expected path to U.S. rate hikes. The Nikkei 225 Index rose 148.15 points, or 0.5 percent, to 27,789.29, while the broader Topix ended 1.1 percent higher at 1,950.14.<\/p>\n

Nippon Steel, Dowa Holdings, JFE Holdings and Mitsui OSK Lines all jumped around 5 percent. Heavyweight SoftBank Group dropped half a percent and Uniqlo operator Fast Retailing lost 2 percent.<\/p>\n

Australian markets<\/span> posted modest gains after miner Fortescue Metals Group said its annual net profit more than doubled. The benchmark S&P\/ASX 200 inched up 16.20 points, or 0.2 percent, to 7,504.50, while the broader All Ordinaries Index ended up 28.50 points, or 0.4 percent, at 7,788.60.<\/p>\n

Fortescue shares surged 6.6 percent, while mining heavyweights BHP and Rio Tinto rallied 2.5 percent and 3.1 percent, respectively.<\/p>\n

Gold miners also ended broadly higher, with Northern Star Resources climbing 3.5 percent and Regis Resources adding 2.8 percent after bullion prices hit a nearly four-week high.<\/p>\n

Energy stocks ended mixed as oil pared early gains in Asian trading. Banks ANZ and Commonwealth ended down more than 1 percent each.<\/p>\n

Seoul stocks rose for a second straight session as concerns around taper and interest rate hikes eased. The benchmark Kospi edged up 10.29 points, or 0.3 percent, to 3,144.19.<\/p>\n

Internet portal operator Naver rose 1.9 percent and steelmaker POSCO soared 5.4 percent, while LG Chem dropped 1.7 percent and Kakao Bank gave up 2.3 percent.<\/p>\n

New Zealand shares rose sharply, with utilities, transport firms and retirement operators pacing the gainers. The benchmark NZX-50 Index climbed 120.79 points, or 0.9 percent, to 13,180.58. Sky Network Television, which announced an above-forecast annual net profit last week, jumped 6 percent.<\/p>\n

U.S. stocks ended Friday’s session on a buoyant note as Powell signaled the central bank is likely to begin tapering some of its easy-money policies before the end of the year but said there’s “much ground to cover” before rate hikes.<\/p>\n

The broad-based S&P 500 climbed 0.9 percent to close above the 4,500 mark for the first time ever, while the Dow rose 0.7 percent and the tech-heavy Nasdaq Composite rallied 1.2 percent. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n