Stock market today: Asian shares are mostly higher after the Dow hits a record high, US dollar falls
Shares are mostly higher in Asia after a powerful rally across Wall Street sent the Dow Jones Industrial Average to a record high as the Federal Reserve indicated that interest rate cuts are likely next year
BANGKOK (AP) — Shares were mostly higher in Asia on Thursday after a powerful rally across Wall Street sent the Dow Jones Industrial Average to a record high as the Federal Reserve indicated that interest rate cuts are likely next year.
The European Central Bank and Bank of England were expected to keep their interest rate policies unchanged, as were the central banks of Norway and Switzerland.
In Asian trading, Tokyo’s Nikkei 225 fell as the yen gained sharply against the U.S. dollar, since a weaker dollar can hit the profits of Japanese exporters when they are brought back to Japan.
The Nikkei fell 0.7% to 32,686.25 while the dollar slipped from about 145 yen to 142.14 yen, near its lowest level in four months. The value of the dollar tends to mirror expectations for interest rates, which affect returns on certain kinds of investments as well as borrowing.
