Most Asian markets track Wall Street record

HONG KONG, Feb 8: Most Asian stocks rose Thursday following another record on Wall Street, with strong earnings, a resilient US economy and Chinese moves to boost the countrys markets playing up against fading hopes for an early Federal Reserve interest rate cut.

Fresh comments from US monetary policymakers pushing back against reducing borrowing costs too early were unable to overshadow a string of forecast-beating reports from top firms this season including Amazon and Facebook parent Meta.

With traders now resigned to fewer rate cuts this year, they are also now focusing on readings showing that US growth remained on track and jobs were still being created, all as inflation came down.
In the latest moves to temper bets on a dovish Fed pivot, the banks Richmond president Tom Barkin said he was "very supportive of being patient" on announcing the first reduction, citing the strong metrics.

And governor Adriana Kugler added that she wanted to wait until more data was available before moving.    —AFP