Asian markets rally after Fed meeting

HONG KONG:

Asian markets rose on Thursday as the Federal Reserve acknowledged the US recovery was well on track but it would not taper monetary policy just yet, while Hong Kong was lifted after China sought to reassure investors over its latest regulatory crackdown.

Traders were also cheered by progress in Washington on President Joe Biden's trillion-dollar infrastructure bill, which he has said could "transform America" and add to the monumental amounts of stimulus already pumped into the world's top economy.

The developments overshadowed concerns about the spread of the Delta coronavirus variant that is sending infection rates spiking in several countries - including those with high vaccination rates - and forcing some governments to impose lockdowns or other containment measures.

While the Fed news was met with a shrug on Wall Street, Asia enjoyed gains, having endured a volatile week. Tokyo, Sydney, Seoul, Singapore, Mumbai, Wellington, Taipei, Bangkok Manila and Jakarta all rose.

Published in The Express Tribune, July 30^th, 2021.

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