Markets extend rally on hopes Fed near end of rate hike cycle

AFP :
Asian traders on Friday welcomed more data showing falling US inflation, giving the Federal Reserve room to bring the curtain down on more than a year of interest rate hikes. Global markets have been bubbling this week on hopes for an end to monetary tightening aimed at taming inflation, which was fuelled by post-Covid reopening, supply chain snarls and Russia’s invasion of Ukraine.
That has come just as China pledges to introduce measures to kickstart its stuttering economy and bring an end to a painful crackdown on the huge tech sector.
Wall Street cheered news Thursday that wholesale prices rose less than expected in June. That followed Wednesday’s report showing the consumer price index below forecasts.