Asia Pacific Markets Rise as the US Fed Maintains Forecast for Rate Cuts

On Thursday morning (21 Mar, 9:42 AM, GMT+7, Bangkok time), most major indices in Asia Pacific surged as the US Federal Reserve announced that it would maintain its forecast for three rate cuts in 2024 and held the current rate steady at 5.25%-5.5%. Meanwhile, Japan’s Nikkei reached a new record high during the trading session.


Japan’s NIKKEI jumped by 1.63% to 40,655.95. South Korea’s KOSPI soared by 1.82% to 2,739.02, and Australia’s ASX 200 increased by 0.74% to 7,753.1.

As for stocks in China, Shanghai’s SSEC declined by 0.02% to 3,079.06. Shenzhen’s SZI dropped by 0.16% to 9,702.21, while Hong Kong’s HSI rose by 2.16% to 16,901.


Meanwhile, the US stock markets edged higher on Wednesday as the Dow Jones Industrial Average (DJIA) surged by 1.03% to 39,512.13. NASDAQ increased by 1.25% to 16,369.41, and S&P 500 grew by 0.89% to 5,224.62. VIX slumped by 5.64% to 13.04.


As for commodities, oil prices settled lower on Wednesday as the US Federal Reserve held its interest rate steady, while concerns over oil demand for the year continue to weigh. Brent lost $1.43 or 1.64% to $85.95 per barrel, and the West Texas Intermediate (WTI) for April delivery, which expired on Wednesday, decreased $1.79 or 2.14% to $81.68 a barrel.

This morning, Brent increased 52 cents or 0.61% to $86.47 a barrel, and WTI for May contract edged up 46 cents or 0.57% to $81.73 per barrel.

Meanwhile, gold futures jumped by 2.14% to $2,207.2 per Troy ounce.