BEIJING — Asian stock markets rose Monday after Wall Street turned in its fifth straight weekly gain and China’s manufacturing growth held steady. Benchmarks in Shanghai, Tokyo, Hong Kong and Seoul advanced. U.S. stocks benefited from Federal Reserve chairman Jerome Powell’s announcement of a strategy change that could keep interest rates low for a long time. The change, dubbed “average inflation targeting,” could mean rates stay low even if inflation hits the Fed’s 2% target. “The market continues to run hot after U.S. Fed Chair Powell tipped his hat to a lengthy period of easy Fed policy,” said Stephen Innes of AxiCorp in a report.

Source: International New York Times August 31, 2020 03:45 UTC