Asian stocks rise after Powell

Asia-Pacific stocks trade higher as Fed hints at smaller hikes ahead Markets in Asia-Pacific traded higher, extending optimism behind Wall Street’s rally after Fed Chair Jerome Powell confirmed that smaller rate hikes could begin in December. Hong Kong’s Hang Seng rose 1.67 percent and the Hang Seng Tech index rose 2.58 percent. In mainland China, the Shanghai Composite rose 1.86 percent and the Shenzhen Component rose 1.02 percent. China’s Caixin/Markit Manufacturing Purchasing Managers’ Index came in at 49.4, above expectations, marking a fourth straight month of contraction. Japan’s Nikkei 225 rose 1.11 percent, while the Topix rose 0.2 percent. South Korea’s Kospi added 0.5 percent. In Australia, it rose 0.92 percent. In the US, major indexes ended the session higher overnight, with the S&P ending a three-day losing streak and the Dow Jones gaining 700 points following Powell's comments.