- Asian shares climbed on rising anticipation that the Federal Reserve is nearing the end of its rate hike cycle, after the Fed stated that any additional tightening will be data dependent. The value of the dollar fell.
- The region's major market indexes gained, with Hong Kong-listed technology stocks leading the way. Traders and Fed policymakers will be bombarded with US data on Thursday, including GDP, personal consumption expenditures, and first unemployment claims.
- There was something for everyone in Fed's Powell's statements Wednesday after the Fed raised interest rates to a 22-yr high, but the market ended the US day betting that the next step would be a pause. Futures contracts referencing future Fed decisions are pricing in a slightly reduced probability of another hike this year.
- In Asia, US stock futures nudged higher as the Dow Jones Industrial Average climbed for the 13th day in a row on Wednesday, the longest winning streak since 1987.
- Another mover in the US session was a slew of earnings reports, with big tech results being scrutinised after shares surged to a record high in the first six months of the year. Meta, Facebook's parent company, rose in late trade after forecasting revenue that exceeded expectations, while eBay sank on a disappointing earnings prediction.
