From Business Insider’s “Global stocks and cryptocurrencies rally after the Fed provides clarity on tapering, while Evergrande fears subside for now” posted early Thursday:
Asian stocks advanced overnight as worries receded about risks to the wider financial system from an Evergrande debt default. China’s CSI 300 index of Shanghai and Shenzhen-listed stocks rose 0.65%, while Hong Kong’s Hang Sengclimbed…
Stocks climbed after the US Federal Reserve, the world’s most powerful central bank, on Wednesday heavily suggested that it would start cutting back on its bond purchases from November, and finish the job by the middle of 2022. Some Fed policymakers also said they’d like to see interest rates start rising as soon as next year.
Analysts said markets were reassured that Fed Chair Jerome Powell left the door open to maintaining stimulus if the US economy needs it, and by his cautious approach to movement on interest rates.
Jim O’Sullivan, chief US macro strategist at TD Securities, said Powell gave an “unambiguous” signal that the Fed would start tapering bond purchases in November. O’Sullivan said he doesn’t expect it to start hiking interest rates until 2023.
My take: Apple’s bump comes as much from macroeconomic forces as any iPhone preorder numbers.
APOLOGY: A backup Mac came back to life overnight and began republishing the day’s blogs. Sorry for wasting even a few seconds of your time.