Market Commentary - Foreign Markets
China's Shanghai Composite index jumps 3.61% As on : 26-Sep-24  16:00

Asian stocks rose sharply on Thursday as U.S. memory chip maker Micron forecast higher than expected first-quarter revenue and China's politburo vowed to step up fiscal support to stabilize the beleaguered property sector.

Investor sentiment was also underpinned after the Organization for Economic Co-operation and Development (OECD) slightly raised its global economic growth forecast for 2024 and said it expects more Fed rate cuts next year.

The dollar index rebounded in Asian trading as focus shifted to the release of U.S. GDP data and Fed Chair Jerome Powell's speech.

Gold hovered near record levels after a handful of Federal Reserve officials left the door open to another large rate cut.

Oil extended overnight slide, falling more than 2 percent in Asian trading after the Financial Times reported that Saudi Arabia - the de facto leader of Opec - was prepared to pump more oil to regain market share.

China's Shanghai Composite index jumped 3.61 percent to 3,000.95, marking its highest closing level since June and capping its seventh straight winning session buoyed by politburo promise to step up counter-cyclical adjustments of fiscal and monetary policy and strive to achieve full-year economic and social development targets.

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