Most Asian markets built on a global rally as worries about the banking sector fade.
Hong Kong led Asian gains thanks to a surge in tech giants Alibaba and JD.com.BEIJING - Most Asian markets built on a global rally as worries about the banking sector fade and traders grow optimistic central banks are near the end of their interest rate hiking cycle.
The Federal Reserve had been tipped to push rates well above five percent by the end of the year, but with credit seen narrowing in light of the latest upheaval, forecasts are for them to finish just above four percent.And even comments from top Fed officials warning that the bank would need to keep its focus on fighting inflation -- despite concerns about the finance sector -- hurt sentiment on trading floors.
All three main indexes on Wall Street pushed well up Thursday, as did European equities following the release of data indicating inflation on the continent was slowing. In Asia, Hong Kong led the way, rising 1.7 percent thanks to a rally in tech firms after it emerged that the e-commerce giant Alibaba's logistics arm was preparing for a listing in the city.
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