- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
- Mumbai mourns Indian industrialist Ratan Tata
Asia tracks Wall St rally as Fed decision replaces bank worries
Asia extended a global equities rally Wednesday as more pledges of government support soothed worries over the banking sector and provided some much-needed stability after more than a week of upheaval.
The dialling down of volatility allowed traders to turn their focus on the US Federal Reserve's policy decision later in the day, with the recent turmoil fuelling hope it will hold off on an expected sharp hike in interest rates.
With the recent crisis blamed on the central bank's steep hike in borrowing costs over the past year, pressure is building on officials to pause their monetary tightening campaign, with many observers even tipping several cuts by the end of the year.
While that would deal a blow to the Fed's fight against elevated inflation, such a move is seen by observers as crucial to reinforcing stability and preventing another blow-up in the financial sector.
US and European markets surged at least one percent Tuesday, building on Monday's advances, as investors cheered comments from US Treasury Secretary Janet Yellen reiterating support for lenders after the collapse of two regional banks earlier this month.
The downing of Silicon Valley Bank and Signature Bank forced authorities to promise customers would not lose their cash in a bid to prevent a run on other firms.
"Our intervention was necessary to protect the broader US banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion," Yellen told an American Bankers Association conference in Washington.
She added that the government was "resolutely committed" to ensuring stability and that "the public should have confidence in our banking system".
OANDA's Edward Moya said in a note: "It is a clear message from multiple officials that they are not taking this banking turmoil lightly and that they will probably be proactive when the next major risk arises."
- 'Fear index' drops -
The US and European rally filtered through to Asia, where banks were among the big gainers with tech firms.
Hong Kong led the way, riding more than two percent thanks to a bump in lenders HSBC and Standard Chartered as well as e-commerce titans Alibaba and JD.com.
Tokyo was also sharply higher as investors returned from a public holiday, while Seoul, Singapore, Sydney and Taipei were up by more than one percent.
Shanghai, Wellington and Manila also rose.
National Australia Bank's Rodrigo Catril said: "The reassurances and stability measures provided by authorities in recent days appear to be having an enduring positive effect."
He pointed to the biggest two-day plunge this year in the VIX "fear index".
"Markets are seemingly becoming more comfortable with the idea that authorities have probably done enough to prevent a systemic banking crisis. The improvement in risk appetite has also triggered a repricing of Fed and (European Central Bank) rate hike expectations."
Eyes are now on the Fed's rate decision later in the day, with analysts split over whether it will announce a 25 basis-point hike or pause in order to ease pressure on the banking system.
With the Fed's game plan jolted by the recent turmoil, City Index's Matt Simpson said the post-meeting news conference "could be the icing on the cake, as it is an opportunity for (Fed boss) Jerome Powell to finetune the message and reshape market expectations".
"It is not uncommon to see markets reverse their direction at the press conference, and a key thing to look out for is how his tone compares to his recent testimony, which was very hawkish indeed."
There was little movement in currency markets as traders bide their time ahead of the Fed decision, though the yen, sterling and euro held their recent gains against the dollar owing to the repricing of the US rates outlook.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: UP 1.9 percent at 27,459.77 (break)
Hong Kong - Hang Seng Index: UP 2.2 percent at 19,685.51
Shanghai - Composite: UP 0.5 percent at 3,272.80
Euro/dollar: UP at $1.0775 from $1.0772 on Tuesday
Pound/dollar: UP at $1.2226 from $1.2218
Euro/pound: DOWN at 88.11 pence from 88.13 pence
Dollar/yen: UP at 132.56 yen from 132.54 yen
West Texas Intermediate: DOWN 0.8 percent at $69.13 per barrel
Brent North Sea crude: DOWN 0.7 percent at $74.79 per barrel
New York - Dow: UP 1.0 percent at 32,560.60 (close)
London - FTSE 100: UP 1.8 percent at 7,536.22 (close)
Y.Jeong--CPN