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Business Market 24 Mar 2020 Asian markets rally ...

Asian markets rally as Federal Reserve unveils support measures

AFP
Published Mar 24, 2020, 9:32 am IST
Updated Mar 24, 2020, 12:47 pm IST
The Federal Reserve slashed interest rates to record lows, said it will buy unlimited amounts of Treasury debt
Representative Image (PTI)
 Representative Image (PTI)

Hong Kong: Asian markets and crude prices surged while the dollar sank Tuesday after the Federal Reserve unveiled an unprecedented bond-buying programme to support the US economy.

While most of the planet goes into lockdown, traders gave a massive thumbs up to the US central bank's pledge to essentially print cash in a move not seen since the global financial crisis more than a decade ago.

 

The Fed, which has already slashed interest rates to record lows, said it will buy unlimited amounts of Treasury debt and take steps to lend directly to small- and medium-sized firms hammered by restrictions across the country.

The plan failed to inspire US traders, with all three main indexes on Wall Street sliding, but equities in Asia rallied with Tokyo ending more than seven percent higher.

The Nikkei was given extra lift by a Bank of Japan decision to embark on its own massive bond-buying scheme.

Seoul was up more than eight percent, Hong Kong, Sydney, Singapore and Taipei each rose more than four percent, and Wellington lifted more than seven percent.

Shanghai and Mumbai added two percent, Bangkok more than one percent and Manila 0.7 percent, though Jakarta fell almost one percent.

AxiCorp's Stephen Innes called the Fed's move "the most significant monetary experiment in the history of financial markets".

"Asian investors like what they see from an all-in Fed, which is being viewed in a very impressive light for both Main and Wall Street, even as the US congress dithers," he added.

Edward Moya at OANDA said it was "a game changer".

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