Asian stocks finished higher as investors increase bets of rate cut in July after Jerome Powell’s testimony yesterday. The Hang Seng finished 0.75 percent higher at 28,417, the Shanghai composite slipped 0.09 percent to 2,917 and the Singapore Straits Times index finished 0.63 percent higher at 3,362. Aussie stocks also managed to finish higher, the ASX200 ended 0.4 percent higher at 6,716. The Australia Consumer Inflation Expectations came in to 3.2% in July from previous 3.3%. Australia Home Loans came in at 0% above forecasts of -0.6% in May. In Japan the main benchmark, Nikkei 225 finished 0.51 percent higher at 21,643, the Tertiary Industry Index (month over month) came in at -0.2% below expectations of -0.1% in June.
In Asian forex markets USDJPY trading 0.37 percent lower at 108.06, the Aussie dollar continues higher against greenback at 0.6972 while Kiwi also trades lower at 0.6665 versus USD. Gold continues the strong upward move at 1,422 area while crude oil is 0.46 percent higher at $60.70 per barrel.Don’t miss a beat! Follow us on Twitter.